Latest news with #CIBIL
NDTV
a day ago
- Business
- NDTV
How To Check Fraudulent Loans On Your PAN Card? Steps To Follow If Scammed
With digital scams on the rise, cases have emerged where unknown individuals fraudulently take loans in the name of a person using their PAN card details. The PAN is linked to a user's credit report, and any loan taken using it, whether with or without consent, has an impact on the credit rating and borrowing capacity. When it comes to managing your financial health, it is imperative to check what loans are active under your name. Here are some of the methods to check if your details have been misused to avail a loan, often a part of an identity theft scam. Check credit report The first step to check if any loan has been taken under your PAN is to analyse your credit report. Credit bureaus like CIBIL, Experian, and Equifax provide detailed credit reports that list all active and past credit activities. Record inquiries If there is no loan against your name, it doesn't mean your PAN card details have not been misused. Check the number of inquiries made on your account. If you see some suspicious details, report them to the credit bureau, as hard inquiries can have a negative impact on the credit score. What if you are a victim? If a loan has been taken in your name by a fraudulent actor, take the following steps: Write a detailed complaint to the bank manager and seek acknowledgement. Register complaint with the bank. Visit a police station and register an FIR. Collate the details of the scam, complaints to bank, police and send an email to RBI ombudsman. How to avoid PAN misuse? With Aadhar card details and PAN card number required during most business transactions, users are advised to stay cautious. Do not provide information about your PAN card to unsafe sites, WhatsApp forwards and shady retailers. If you have misplaced your PAN card, apply for a duplicate and review your credit report in the next few months. Maintain strong passwords for financial accounts and enable SMS/email notifications for loan or credit applications linked to your PAN.
Mint
a day ago
- Business
- Mint
Farmers urge government to revoke order linking credit score to crop loans: Report
Pointing to hardships in securing crop loans ahead of the cultivation season, a section of farmers in Erode has urged the State Government to withdraw the order requiring the use of credit scores for granting agricultural loans. Members of the Keel Bhavani Murai Neer Pasana Vivasayigal Kootamaippu and the Keel Bhavani Ayacut Nila Urimaiyalargal Sangam submitted a petition to Minister for Housing, Prohibition, and Excise, S. Muthusamy, at his office on July 18, reported The Hindu. The petition pointed out that farmers are already struggling due to poor pricing for their produce and erratic weather conditions. While low-interest and interest-free farm loans have helped reduce financial burden, a recent circular from the State Registrar of Cooperative Societies (RCS) has caused concern. The circular mandates verification of farmers' CIBIL scores before sanctioning agricultural crop loans. Additionally, another directive requires farmers to obtain a no-objection certificate (NOC) from service area bank branches before availing loans from cooperative societies. 'Obtaining an NOC costs between ₹ 600 and ₹ 1,000, placing an unnecessary financial burden on farmers,' the petition stated. The petition strongly opposed the linking of CIBIL scores and the NOC requirement, calling both measures 'burdensome' and demanding their immediate revocation. The Minister assured the farmers that the matter would be brought to the attention of Chief Minister M.K. Stalin. With water release from the Bhavanisagar Dam into the Lower Bhavani Project canal expected on August 15, 2025, farmers have urged the government to act swiftly and roll back the new directives. Association president S. Periyasamy, secretary K.V. Ponnaiyan, federation secretary R. Eswaramoorthy and other office-bearers were also present. Disclaimer: Mint has a tie-up with fintechs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
Hans India
3 days ago
- Business
- Hans India
TN cooperative dept now seeks NOC from nationalised banks for PACS crop loans
Chennai: After facing widespread criticism over the mandatory CIBIL verification for crop loans, the Tamil Nadu Cooperative Department has introduced another controversial requirement for farmers seeking credit through Primary Agricultural Cooperative Societies (PACS). According to a recent directive, farmers must now obtain a No Objection Certificate (NOC) from a nationalised bank to be eligible for loans under the cooperative system. The new instruction, issued through a departmental circular, mandates that farmers secure a NOC from the branch manager of a nationalised bank located in their area or where they maintain an account. This directive comes in the wake of an earlier order dated May 26, which required all crop loans disbursed through Kisan Credit Cards to undergo CIBIL score verification. That move had already triggered sharp backlash from various farmer associations across the state. Esan Murugasamy, founder of the Tamilaga Vivasayigal Pathukappu Sangam, strongly criticised the department's decision, claiming it was yet another tactic to discourage farmers from approaching PACS. 'Whether it is a CIBIL score, a CIBIL report, or now a NOC, the burden on farmers is the same. These measures are driving them into the clutches of commercial banks and increasing their debt risk,' he said. Farmer groups argue that cooperative loans were originally designed to provide easy, affordable credit to small and marginal farmers, and these additional requirements defeat that purpose. They fear that the mounting bureaucratic hurdles will erode trust in PACS and force more farmers to turn to commercial lending institutions with higher interest rates and stricter repayment terms. However, senior officials in the Cooperative Department maintain that the process is being misrepresented and claim that it is simple and straightforward. 'A standard format letter will be given by the PACS. The farmer only needs to get it signed and sealed by a manager of a nationalised bank. This is just to ensure there are no overlapping loans,' an official explained. Despite the assurance, farmer organisations remain firm in their demand that such additional compliance steps be scrapped altogether. They argue that these measures are impractical for rural farmers and undermine the very purpose of cooperative credit. As discontent grows, farmer unions are planning to intensify their protests, urging the state government to withdraw the latest directive and restore easy access to cooperative loans without unnecessary hurdles.
New Indian Express
4 days ago
- Business
- New Indian Express
Loan trouble: Co-op department asks farmers in Tamil Nadu to get NOC from bank
COIMBATORE: After drawing flak for mandating CIBIL checks for crop loans, the Tamil Nadu Cooperative Department has now directed farmers to obtain a No Objection Certificate (NOC) from a nationalised bank to access loans through Primary Agricultural Cooperative Societies (PACS). In a circular issued on July 17, the department instructed that farmers must now get a NOC from a manager of a nationalised bank in their locality or where they hold an account. The original order, issued on May 26, mandated that all crop loans disbursed through Kisan Credit Cards must undergo CIBIL verification. This move drew sharp criticism from farmer associations. Esan Murugasamy, founder of the Tamilaga Vivasayigal Pathukappu Sangam, alleged that the department was intentionally trying to push farmers away from PACS and into debt traps with commercial banks. 'Whether it's CIBIL score, CIBIL report, or a NOC, the burden on farmers remains the same,' he said. A senior official in the department, however, said the process was designed to be simple. 'PACS will provide a format letter. The farmer needs to get it signed and sealed by a nationalised bank manager,' the official said. Farmer organisations continue to demand that all additional checks be removed to ensure easy access to cooperative loans.
Time of India
4 days ago
- Business
- Time of India
CIBIL-style score, green fund in works to meet textile sector's credit needs
The government is considering establishing a credit rating system and a common green fund to address the credit access issues of the textile sector, especially smaller units, and help meet its financing needs for sustainable production. The textiles ministry has sought suggestions from industry on ways to grade the performance of enterprises in the sector and assess their creditworthiness, officials said. "Banks are overcautious in extending credit to the textile sector and a CIBIL score kind of a protocol will help them understand the sector's requirements," said an official, who did not wish to be identified. The CIBIL score, compiled by Credit Information Bureau (India) Limited, is a credit score that reflects an individual's creditworthiness, with a higher score indicating lower risk for lenders. Explore courses from Top Institutes in Select a Course Category Such a protocol in the textile sector would take into account issues such as long payment cycles and job work requirements of the industry. ET Bureau Though there are separate funds for various financing needs for sustainable production such as for energy efficiency and water management, a combined green fund would make it procedurally easier for the units to access credit and attract investments, the official said. The measure is crucial as India is aiming at a threefold increase in textile exports to ₹9 lakh crore by 2030. India's textile sector expanded 7% last year, making the country the world's sixth largest textile exporter. "The recognition that textiles is a high impact sector and their credit needs are a challenge, is an important initiative. We are looking at ways to ensure that the working capital needs of the textile industry are met," said Chandrima Chatterjee, secretary general, Confederation of Indian Textile Industry. The ministry has also asked industry about the issues it faces in accessing the Credit Guarantee Fund Trust for Micro and Small Enterprises and suggested monitoring of the disbursements under the fund to understand the utilisation and make it more efficient for the textile industry. "Discussions are also ongoing over whether credit facilitation centres can be set up in textile clusters. All these are being discussed to improve the credit risk perception of the sector," the official added.
