State Bank of India (SBI) is awaiting amendment of banking secrecy act for coming up with a new company credit information bureau of india (CIBIL) while preparing to launch clearing corporation for debt instruments, as part of efforts to foray into new areas.

SBI chairman Janaki Ballabh said that the bank's insurance subsidiary SBI life is also expected to launch four more products shortly and we will come up with the credit information bureau after the passage of the legislations on sharing of information by banks and FIs about credit portfolio.

CIBIL would be promoted by SBI and HDFC, each with 40 per cent stake, along with Dun & Bradstreet and Trans Union International with 10 per cent stake each and would maintain information about the companies, which bankers can make use of while taking credit decisions.

Till date, banks are prevented by the banking secrecy act from sharing information about companies before granting loans and credit appraisals and the Government is expected to bring in an amendment to the banking regulations act to allow such system in a bid to arrest the rising non-performing assets in the banking sector.

CIBIL would assist banks to assess risk of extending loans to a corporate by furnishing relevant information’s and SBI is also expected to come up with Clearing Corporation for debt market shortly. Ballabh said that the clearinghouse is ready. We are testing the systems before installing it.