Regulatory Alerts2025-03-05
Added
CIB Circular Letter No. 01: Revised Policy Guidelines on CIB Online Service
The Credit Information Bureau (CIB) amends Article 3(1) of Circular No. 2/2011 to require all scheduled banks and finance companies in Bangladesh to upload monthly loan data to the CIB system by the 15th of the following month. Institutions must correct errors and re-upload updated files within seven working days; failure to submit error-free data on time requires a detailed explanation within three days, subjecting the institution to fines of up to 500,000 BDT and disciplinary action against responsible officers. Fines are recovered via account deduction at the Bangladesh Bank Motijheel office, and these revised guidelines take immediate effect.
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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 Date: 05 March, 2025 20 Falgun, 1431
Managing Director / Chief Executive Officer All Scheduled Banks and Finance Companies operating in Bangladesh
Dear Sir,
Revised Policy Guidelines on CIB Online Service.
To strengthen the credit chain in the banking sector, it is essential to maintain the quality of loan information stored in the CIB database and preserve updated information. To this end, the process of making CIB operations dynamic and effective is ongoing by storing monthly loan information of borrowers in CIB reports (Source: CIB Circular No. 02/2011 dated 04 May 2011 and CIB Circular Letter No. 03/2022 dated 21 July 2022). To make the existing guidelines included in the policy guidelines more effective, paragraph 3 of the aforementioned Circular No. 2/2011 is hereby amended and replaced as follows:
3 (1). Regarding timely upload/correction of information: (a) Each bank and finance company must upload/update all loan information of their borrowers to the system on a monthly basis by the 15th (fifteenth) of the following month.
(b) After uploading loan information to the system, corrections/disaggregation/additions must be completed within the next 07 (seven) working days, and the Updated Error Free File must be re-uploaded to the system.
(c) If the system is not updated with Error Free information and submitted on time within the specified date, the bureau must be informed within 03 (three) days through a detailed explanation letter stating the reason for the failure. If the explanation mentioned in the letter is not considered satisfactory by the bureau, a fine of up to 05 (five) lakh Taka may be imposed against the concerned bank/finance company, and disciplinary action may be taken against the concerned officers.
See next page
Phone: 88-02-9550448, 9554896, IP: 88-02-55685001-6, Fax: 88-02-9530479, www.bb.org.bd
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3 (2). Recovery of fine/Taking disciplinary action: (a) The fine imposed by the bureau in accordance with paragraph 3(1)(c) within the specified time shall be recovered by deducting the amount from the account of the concerned bank/finance company maintained at the Bangladesh Bank Motijheel office.
(b) In continuation of paragraph 3(1)(c), if the explanation for failing to provide updated error-free information in the CIB database is not considered satisfactory by the bureau, the necessary disciplinary action may be taken against the responsible officers of the concerned bank/finance company.
(c) Previous instructions issued regarding this matter shall be deemed amended accordingly.
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This directive is issued under the powers conferred by Article 48 of Chapter IV of the Bangladesh Bank Order, 1972 (President's Order No. 127 of 1972).
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This directive shall come into effect immediately.
Yours faithfully,
(Signature) (Munshi Mohammad Waqid) Director (CIB) Phone: 9530133