Most people believe that CIBIL score only affects taking loans and credit cards. But now a new case has come up which has changed this thinking. A recent discussion in Parliament has revealed that a bad CIBIL score can also affect your employment, especially banking sector jobs.
What is CIBIL score?
The CIBIL score is a number of three digits which ranges from 300 to 900. This reflects your credit history, ie loan and credit card payment. Nearly 900 CIBIL score is considered good. This score is released by Transonian CIBIL Limited. It was earlier called Credit Information Bureau (India) Limited. In addition, three more Credit Bureau, Experience, Equifax and CRIF High Marks work in India. They also collect your credit information and tell banks how the customer’s payment capacity is.
Why is a good score necessary for banking job?
Last year, when IBPS (Institute of Banking Personnel Selection) took out recruitment for nationalized banks in 2023-24, the condition was laid that the CIBIL score of the candidate should be at least 650 and credit history. Due to this rule, many students and poor-middle class candidates, especially those whose education loans were pending, faced trouble.
What does the government say?
In the Rajya Sabha, MP Dr. John Britas asked the government whether the CIBIL score of 650 is mandatory for the job. In response, Minister of State for Finance Pankaj Chaudhary said that this condition has been removed from the recruitment of 2024-25 (CRP-14). That is, now 650 scores are not required at the time of application. However, before joining the job, the candidate will have to show a clean and updated credit history. If this is not done, the candidate will have to take NOC from the loaning institution, otherwise the bank may cancel the offer letter.
Why is the banking sector so strict about CIBIL?
The government and the banking board say that banking employees are directly related to public money and sensitive transactions. If a candidate has a bad financial position, it becomes difficult to trust him. This is the reason why the CIBIL score is associated with the reliable image of the candidate. This clearly shows that CIBIL score is not only necessary to take a loan, but also to make a career. Especially in areas like banking, a good credit record can also confirm your job. Therefore, if you want to work in banking or any financial sector in future, then it is very important to keep your CIBIL score good.
