Regulatory Alerts2011-05-04
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CIB Circular No. 02: Registration fees, service charges, penalties for late data submission, and confidentiality breaches for CIB online services
The document mandates that all scheduled banks and financial institutions pay a 10,000 Taka registration fee and 5,000 Taka per additional user for CIB online services. It imposes a 100 Taka charge per credit report inquiry and a 10 Taka charge per linked account. Banks must submit monthly credit data by the 20th of the following month, with penalties ranging from 5,000 to 500,000 Taka for late submission or corrections. Fines of 50,000 to 500,000 Taka apply for providing false or concealed information, while breaches of confidentiality incur fines between 10,000 and 100,000 Taka. Penalties are collected via bank drafts or directly from the institution's account at Bangladesh Bank's Head Office.
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