Regulatory Alerts2015-02-25
Added · Updated
CIB Circular No. 01/2015: Update of CIB database for loan renewal or regularization in interim periods
Section Ka of CIB Circular No. 01/2002 is replaced to allow Scheduled Banks and Financial Institutions in Bangladesh to update the Credit Information Bureau database outside the monthly batch contribution cycle for loans undergoing renewal, regularization, rescheduling, or adjustment. Banks and FIs must submit a signed application containing the FI contract code, adjustment dates, reschedule count, and a statement confirming compliance with relevant BRPD Circulars, while retaining verified documents. Updated contract information must subsequently be reported in the next monthly batch contribution as living or terminated according to existing rules. This directive takes immediate effect.
X:\mediaroom\circulars\cib\CIB Circular.doc Website: www.bb.org.bd Credit Information Bureau Bangladesh Bank Head Office Dhaka. CIB Circular No. 01/2015 Date: February 25 , 2015 Falgun 13, 1421 Managing Director /Chief Executive All Scheduled Banks & FIs in Bangladesh Dear Sir, Regarding update of CIB database in case of renewal/ regularization/ rescheduling/ adjustment of a loan in the interim period of monthly batch contributions. Please refer to CIB circular Letter No. 01/2002 dated August 14, 2002 on the captioned subject. With a view to updating CIB database promptly as a result of renewal/ regularization/ rescheduling/ adjustment of a loan in the interim period of monthly batch contributions and serving special purposes of an individual/institutional borrower, the section ‘Ka’ of the aforementioned circular will be replaced as under:-
- An application duly signed by the head of the department concerned or higher official has to be sent for updating the captioned information.
- The necessary documents have to be verified and preserved by the bank/FIs on their own responsibility.
- FI contract code, date of renewal/regularization/rescheduling/adjustment and no. of times rescheduled have to be mentioned in the application form.
- The application must contains the statement below: “The renewal/regularization/rescheduling/adjustment is done in accordance with the relevant BRPD Circulars.”
- Bank/FIs have to report the updated contract information in next monthly batch contribution as living or terminated according to the existing rule. This circular will be effective with immediate effect. Yours faithfully (MONSURA KHATUN) General Manager Phone: 9530133
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