Regulatory Alerts2023-08-07
Added
DFIM Circular No. 09: Taking thumb impression on loan related charge documents
Financial institutions are directed to obtain the thumb impression of borrowers, guarantors, and relevant third parties on loan-related charge documents to verify identity against the National ID database. This measure addresses legal challenges in loan recovery arising from petitions alleging that signatures on loan documents were not actually provided by the borrowers or guarantors. The directive is issued under Section 18(c) of the Financial Institutions Act, 1993, and takes immediate effect.