Regulatory Alerts2022-07-21
Added
CIB Circular Letter No. 03/2022: Registration fee for CIB online services, imposition and realization of service charges for CIB reports generated through CIB online system, penalties imposed on banks and FIs failed to contribute batch monthly contribution in time and for disclosure of credit information contained in CIB reports and exaction of money as penalties for these from banks/FIs concerned
The circular replaces paragraphs 4 and 6 of CIB Circular No. 02/2011 to enforce accurate and timely submission of credit data to the Credit Information Bureau (CIB). It imposes fines ranging from BDT 50,000 to BDT 500,000 on banks or responsible officers for submitting false, incorrect, or concealed information regarding overdue loans. The penalty collection process involves issuing a notice requiring an explanation within seven days, after which unpaid amounts are directly recovered by debiting the bank's account held at Bangladesh Bank's Motijheel office.
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