MADURAI: An important public appeal was made today by Madurai Lok Sabha MP Mr.Su.Venkatesan asking for complete scrapping of CIBIL score (Credit Information Bureau of India Limited) system in the country because it is hurting about 60 crore people of India and nearly 2.5 crore Micro Small and Medium Enterprises in the country when they go for getting a bank loan.
He has urged the Union Finance Minister Mrs.Nirmala Sitharaman and the Reserve Bank of India to save Indians from the torture of CIBIL score which is presently being decided by a corporate firm based in the USA and that is determining the loan borrowing eligibility of Indians.
“CIBIL score that is now determining the loan sanctioning for our Indians has no transparency or a proper practical yardstick. Even if one EMI is not paid by a person who took a loan from the bank, the CIBIL score comes down and it affects him badly calling it as default. And, if a loan is repaid through loan rebate offer, the CIBIL score is reduced, and there are many other issues in CIBIL score. The minimum CIBIL score is 300 and maximum score is 900. Interest rates for loans get changed based on this score, and students are getting affected while applying for educational loans from banks and public lending agencies. I am requesting the Union Finance Minister and the RBI that the earlier system should be restored because previously the RBI system used to decide the loans. So, that system of CIBIL score done by the RBI should be implemented for all Indians once again, starting from the common people to corporates,” the Madurai Lok Sabha MP Mr.S.Venkatesan has appealed today and released that copy to the media on June 26th 2025 demanding that CIBIL score system should be stopped completely.
