Want to work in a bank? Check your CIBIL score first

The minimum credit score will be as per the policy of participating banks, amended from time to time.

The Institute of Banking Personnel Selection (IBPS), a body that assists banks in the recruitment process, has made a minimum CIBIL score of 650 as one of the conditions for selection for clerical and probationary officer posts in banks.

"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," according to the official notification.

The minimum credit score will be as per the policy of participating banks, amended from time to time, the organisation said.

However, this condition alone will not lead to disqualification of candidates, said MV Rao, chairman of IBPS.

CIBIL score is a 3-digit numeric summary of an individual’s credit history, rating and report, and ranges from 300 to 900 based on the data in the Credit Information Report (CIR). The closer the score is to 900, the better the credit rating.

According to banking employee unions, the condition is stipulated mainly to check the financial discipline of the candidates.

"There is nothing objectionable in that condition," said CH Venkatachalam, General Secretary, All India Bank Employees Association (AIBEA).

"Many people who purchase motorbikes or take education loans and do not repay can misuse the power if they join the system. I think IBPS has come up with this condition to avoid such issues,” he said.

The notification added that candidates whose CIBIL status has not been updated before the date of joining must either get it updated or produce a no-objection certificate from the lender.

This, according to the notification, is to prove that there is no outstanding adversely reflected with respect to the accounts data with CIBIL, failing which the letter of offer may be withdrawn or cancelled, as per the eligibility criteria.