BB provides online CIB reports from July 19

Bangladesh Bank will start providing online information of its Credit Information Bureau reports to banks and non-banking financial institutions from July 19, which will make faster the lending services and will eventually cut the cost of doing business.

BB governor Atiur Rahman will inaugurate the online service at the central bank's headquarters in the capital city, bringing an end to the manual, time consuming and cumbersome process of sharing the important credit information among banks and financial institutions.

All the 47 banks and 29 NBFIs of the country will be able to collect the online CIB reports on July 19 and onwards. The banks and financial institutions would also be able to collect the CIB reports from the central bank physically if they want, the central bank officials said.

Atiur told the news agency on Monday that the online service would make the CIB reports only a click away, which now takes five to seven days.

The governor said the faster CIB reports would cut the cost of doing business when the banks, NBFIs and respective persons would get it without going to the persisting hassles and longer time-frame.

'The Election Commission and other government organisations and agencies can also get necessary information to determine whether any particular person is a loan defaulter or not,' he said, observing that this convenient and accurate information would help combat credit related corruption.

As per the existing provisions, outstanding loans worth at least Tk 50,000 are included in the CIB reporting system.

Source : New Age