Central Repository of Information on Large Credits (CRILC) was set up by Reserve Bank in 2014 for ease in offsite supervision. CRILC was created for early recognition of financial distress, enabling prompt action for resolution and fair recovery for lenders and as part of a framework for revitalizing distressed assets in the economy.
Members of CRILC
All Scheduled Commercial banks and four All India Financial Institutions (NABARD, EXIM BANK, NHB, and SIDBI) report to CRILC. The CRILC database contains information from all SCBs (excluding RRBs) on all credit instruments for borrowers having aggregate fund-based and non-fund based exposure of Rs.5.00 Crore and above.
Reports to CRILC
CRILC facilitates regulatory oversight of the system by giving a bird’s eye view of the system-wide credit risk. Health of the large, and hence systemically important borrowers are effectively monitored by the central bank.
CRILC Main Report: This comprises of four sections i.e., Section 1: Exposure to Large Borrowers (Global Operations), Section 2 – Reporting of Technically/Prudentially Written-off Accounts (Global Operations), Section 3 – Reporting of Balance in Current Account (Global Operations) and Section 4: Reporting of Non – cooperative Borrowers (Global Operations). Reporting frequency for CRILC Main is monthly now.
CRILC-SMA 2 and JLF Formation Report: With a new framework for resolution of stressed assets, as announced by RBI on 12th February 2018, banks are to report all defaulted borrowers (SMA0, SMA1, SMA2) on weekly basis effective 23rd February 2018.
Beneficiaries of CRILC
Banks make use of the information available with CRILC for their due diligence in addition to seeking NOC from the bank with whom the customer is supposed to be enjoying the credit facilities as per his declaration. The CRILC data including details of SMA 2 / defaulters reported are shared in a consolidated form with the reporting entities.
Banks get email alert on any bank reporting of any borrower as SMA2, default, RFA/Fraud. This facilitates early identification of stress in the account and enables the bank to take preemptive steps to safeguard their interests.