Cibil plans to move beyond its job of collecting credit information for banks. The organization has plans to foray into the telecom sector, auto insurance firms and micro finance institutions too.

According to MD, Arun Thukral, Credit Information Bureau (India) Limited, (Cibil) wishes to bring its plans into play by the next fiscal.

The organization is already in discussion with top telecom companies for data servicing. This is expected to benefit the telecom companies in retaining their customer segment, once the mobile number portability comes in place.

For MFIs, Cibil has already started preliminary discussions with Alpha Micro Finance Consultants, a network of 30 non-banking financial company (NBFC) MFIs, to share data on borrowers.

However, MFI do not face much defaults as banks owing to their diligent collection methods. This data would however help these MFIs in checking multiple borrowings and also come up with a database targeting rural customer segment, Thukral said.

The current database of MFIs contains 22 million borrowers which is expected to touch 100 million in one year, he added.

Apart from this, Cibil is also likely to come up with two new products on mortgage depository and frauds ( Cibil detect) in a few months from now.

"There have been instances when the same paper has been used to avail loans from different banks. The mortgage depository services will help in keeping a check on such cases. Cibil Detect will help identify suspected frauds," said Thukral.