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

Bangladesh Bank Head Office Motijheel, Dhaka-1000 Bangladesh. Ref No.: CIB.CIR.03 Credit Information Bureau

CIB Circular Letter No.-03/2022 Date: 06 Srabon 1429 21 July 2022

Managing Director / Chief Executive All Scheduled Banks and Financial Institutions operating in Bangladesh

Dear Sir,

This is with reference to your attention regarding the 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.

We draw your attention to CIB Circular No.-02/2011 dated 04 May 2011, CIB Circular No.-01/2018 dated 26 April 2018, and CIB Circular Letter No.-01/2022 dated 16 January 2022.

2. To maintain discipline in the lending sector of the banking industry, it is essential to maintain the accuracy of the CIB database and preserve updated information. It is mentioned that CIB Circular No.-02/2011 contains instructions that punitive measures will be taken if banks and financial institutions fail to provide information to the CIB online system in time and properly. Now, to ensure high standards of the CIB database and to implement the instructions of the aforementioned circulars properly, paragraphs 4 and 6 of CIB Circular No.-02/2011 are hereby replaced as follows:

3. Providing wrong/false information or concealing information in CIB data: If any part of the monthly overdue loan information submitted by any bank/financial institution is found to be false/wrong and concealment of information is proven, the concerned bank/financial institution, or where applicable, the officer(s) who submitted such false/wrong information or the officer(s) responsible for concealing information, shall be fined a minimum of BDT 50,000/- (Fifty Thousand Taka) and a maximum of BDT 5,00,000/- (Five Lakh Taka).

4. Method of realizing fines: (a) If necessary corrections are not made within the prescribed time regarding overdue loans, based on the number of days of delay, the nature and extent of providing false/wrong information, and if the confidentiality of loan information is breached, a letter will be sent from the Bureau mentioning the reason for the fine and the amount of the fine to the said bank/financial institution or the responsible officer(s), requesting an explanation as to why the fine should not be realized. (b) If the explanation provided by the concerned bank/financial institution or officer(s) is not satisfactory, a letter will be sent informing them of the imposition of the fine and directing them to pay the fine amount via Bank Draft/Pay Order within 7 (seven) days. (c) In case of failure to pay the fine amount within the prescribed time, without giving any further notice, the account of the concerned bank/financial institution maintained at the Bangladesh Bank Motijheel office will be debited to realize the amount. In the case of responsible officer(s), the concerned bank/financial institution will recover the fine amount so collected from the said officer(s) within 30 (thirty) days and inform this department.

5. These instructions are issued under the authority granted in Section 48 of the Bangladesh Bank Order, 1972. These instructions shall come into force immediately.

Yours faithfully, (Md. Anisur Rahman) Director (Statistics) Phone: 9530133