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UFBU Calls Off Nationwide Bank Strike on 24th and 25th Mar 2025 After Assurances from Finance Ministry and IBA

I n a significant development on March 21, 2025, the United Forum of Bank Unions (UFBU) has decided to call off their two-day nationwide strike, which was originally planned for March 24 and 25. This decision was made after the UFBU received positive reassurances from both the Finance Ministry and the Indian Banks’ Association (IBA) regarding their key demands. The banking unions, under the umbrella body of UFBU, represent employees from nine major unions across the country, including AIBEA, AIBOC, NCBE, AIBOA, and BEFI. The unions had earlier called for the nationwide strike to protest against several ongoing issues that they believe impact the welfare and job security of bank employees. Key Issues Behind the Proposed Strike The strike was initially called by UFBU to address a range of pressing concerns, some of which have been lingering for years. The union's main demands included: Five-Day Workweek for Bank Employees:  One of the most anticipated demands was the implementation o...
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CREDIT INFORMATION REPORT

 Credit Information Report or CIR is collection of past and present credit history based on PAN (Permanent Account Number) and/or AADHAR Number. It provides consolidated summary and details of all credits taken in past and repayment details of the same. It shows all credit inquiries also. It contains Name, PAN, Aadhar, all address details, Mobile Number, E-mail, any default payment, Suite filed etc also. It shows 3-digit credit score ranging between 300 and 900. 300 is worst and 900 is best credit score. Credit score shows credit worthiness of individual.

What is the Use of Credit Information Report?

Credit Information Report is the track record of taking and repaying of loans from all registered lenders for an individual. It play vital role while applying any type of loan to lenders. Lenders gives preference to those who maintain good credit score. Credit score plays important role in taking credit decisions by lenders like NBFCs, Banks etc.

Credit Information Companies

There are four major companies in India who maintains credit information details and provide consolidated details of credit history and track record of individual's borrowing and payments of the same from all financial institutions in India. These are

1.  Transunion CIBIL, Credit Information Bureau (India)  is the first credit information company in India established in August 2000. CIBIL Credit score is 3-digit number and falls between minimum 300 and maximum 900. Generally, credit score above 750 is considered as good credit score.

2.    Equifax - It is an American Multinational Consumer Credit Reporting Agency. Headquartered in Atlanta, Georgia.

3.    Experian - Headquartered in Dublin, Ireland.

4.    CRIF (The Center for Research in International Finance) High Mark Credit Information Services - RBI approved credit bureau in India. Incorporated in 2005 and based in Mumbai.


Who Regulates Credit Information Companies?

The Reserve Bank of India has enacted Credit Information Companies Regulations, 2006 ("Regulations") and the Government of India have enacted the Credit Information Companies Rules, 2006 ("Rules") for regulation and monitoring of Credit Information Companies.

What is the meaning of Credit Score -1?

Credit score -1 shows that credit information company has no record of credit history. In other therms, it means individual has not taken any loan from any registered lenders.

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