Regulatory Alerts2025-07-24
Added
DFIM Circular Letter No. 17: Identification & finalization of willful defaulters and measures to be taken against them
The document replaces the reporting section of Paragraph 8 of DFIM Circular No. 04/2024, requiring finance companies to report identified willful defaulters to the Credit Information Bureau (CIB) as Willful Defaulters (WD) and submit a copy of the finalization letter with specified details. Finance companies must submit quarterly cumulative reports to the Official Institutions and Market Department and CIB by the 10th of the following month, and notify changes to the willful defaulter identification unit's contact information within seven days. The previous Appendix 'B' is revoked, and these instructions are issued under Section 30(6) and 41(2)(d) of the Finance Companies Act, 2023, effective immediately.
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