Regulatory Alerts2023-12-14
Added
CIB Circular Letter No. 01: Regarding cut off time of upload of Credit Information to the Credit Information System (CIS)
Bangladesh Bank's Credit Information Bureau (CIB) has updated the requirements for all scheduled banks and financial institutions in Bangladesh regarding the upload of credit information to the Credit Information System (CIS). For existing loans, month-end contract data must be uploaded in bulk between the 1st and 15th of the following month. Any changes in loan classification require immediate upload of accounting date-based information. New loans sanctioned between August 1, 2023, and September 16, 2023, must have their subject and contract data uploaded in bulk, while new loans sanctioned after September 16, 2023, require immediate entry and upload of this data. This circular repeals CIB Circular Letter No. 01/2022 and is effective immediately.
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Bangladesh Bank (Central Bank of Bangladesh) Head Office Motijheel, Dhaka-1000 Bangladesh. website: www.bb.org.bd
Credit Information Bureau
CIB Circular Letter No. 01/2023 Date: 29 Agrahayan 1430 14 December 2023
Managing Director/Chief Executive Officer All Scheduled Banks and Financial Institutions Operating in Bangladesh
Dear Sir/Madam,
Regarding the deadline for providing credit information to the Credit Information System (CIS).
Attention is drawn to CIB Circular Letter No. 01/2022, dated January 16, 2022, on the above subject.
According to the aforementioned circular letter, all banks and financial institutions are instructed to upload credit information (including positive or negative credit card data) with an outstanding balance of BDT 1 (one) or more to the CIB online system by the 15th of the following month. To make the quality of credit information stored in the CIB database more reliable and to enable customers to receive updated reports quickly, instructions are hereby given to upload existing loans and new loans of your bank/financial institution to the newly developed CIS as follows:
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Contract data based on the last date of each month for existing loans (Living loan) must be uploaded in bulk to CIS from the 1st (first) day of the following month. The upload deadline must not exceed the 15th (fifteenth) under any circumstances.
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If there is any change in the classification of a loan due to renewal/extension/restructuring/rescheduling/adjustment or any other reason, the information based on the date of change in credit information (Accounting date) must be uploaded to CIS immediately.
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Subject and Contract data for new loans sanctioned during the period from August 01, 2023, to September 16, 2023, i.e., before the launch of CIS, must be uploaded in bulk to CIS.
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Subject and Contract data for new loans sanctioned after September 16, 2023, must be uploaded to CIS immediately through entry.
CIB Circular Letter No. 01/2022, dated January 16, 2022, is hereby repealed.
This instruction will be effective immediately.
Yours faithfully,
(Munshi Mohammad Wakil) Director (CIB) Phone: 9530133
Phone: 88-02-9550448, 9554896, IP: 88-02-55665001-6, Fax: 88-02-9530479, www.bb.org.bd