The Institute of Banking Personnel Selection (IBPS), the common recruitment agency for participating public sector banks (excluding State Bank of India), has imposed a new credit history clause for applicants looking for a job in the banking sector.
In this year’s first major clerical recruitment notification, IBPS said that the job applicants should maintain a healthy Credit history and have a minimum Cibil score of 650 before applying for the job.
“The candidate applying shall ensure that they maintain a healthy Credit history and shall have a minimum Cibil score of 650 or above at the time of joining participating banks,” says IBPS in its notification.
Candidates with no bank account shall not be required to produce their CIBIL status, a report in The Hindu stated.
The notification further added that candidates whose CIBIL status has not been updated before the date of joining have to either get their status updated or produce a No Objection Certificate from the lender to the effect that there is no outstanding with respect to the accounts adversely reflected in the Cibil, failing which the letter of offer may be withdrawn or cancelled as per the eligibility criteria.
The Cibil report is a financial report that has details of your borrowings from banks and financial institutions. The personal credit score is a numerical rating representing the perceived ability of a person or organisation to fulfill their financial commitments, based on an analysis of their credit history and current financial circumstances.
Cibil along with Equifax, Experian, and CRIF Highmark are the four credit bureaus that compute credit scores in India. Cibil score is a three-digit number ranging between 300 and 900 that denotes your creditworthiness. The Cibil Score is derived using the credit history found in the Cibil Report.
The credit profile includes all kinds of loans such as home loans, credit cards, personal loans, automobile loans, overdraft facilities, and others that one has availed and their payment history.
According to the IBPS notification, this is the first major recruitment drive this year for officers and clerical positions. More vacancies are likely to come up in the coming months.
The application process is on for the recruitment of 4,045 clerks. The recruitment is for the vacancies of the next financial year (2024-25), as per the indent given by the participatory banks.
The online registration of application started on July 1 and will close on July 21. The last date for printing your application is August 5, 2023.
Public sector banks (including regional rural banks) conducted recruitment for about 27,500 vacancies of officers and clerks in 2022, while the same was at 28,400 and 24,400 as per data from IBPS and SBI, respectively.