BB ready to give CIB reports to banks in five days of request
Wednesday, 1 July 2009
FE Report
The Bangladesh Bank (BB) is ready to provide its Credit Information Bureau (CIB) reports to the banks and financial institutions within five working days of request from July 1 after it has successfully cleared the backlog of applications.
"We'll provide CIB reports to the banks and financial institutions within five working days in line with our service standard," BB Executive Director AHM Kai Khasru told reporters at a press briefing at the central bank Thursday.
He also said the central bank has been able to settle over 60,000 requests for CIB reports, backlogged for long, since introduction of double shifts on May 18 last.
"The backlog has been removed through special efforts of the central bank by involving freshly recruited 50 officers and 30 interns as they worked on up-dating the information in double shifts for last one and a half months," the BB executive added.
The requests for CIB reports have piled up during the period of updating the list of loan defaulters by the central bank before the last parliament and upazila elections, he said while explaining the reasons for the backlog.
The BB executive also admitted that the banks and financial institutions had to wait even one and a half months to receive credit information from the CIB.
"We'll provide our CIB reports to the banks and financial institutions through online from October 2010," Mr. Khasru said, adding that the central bank has already appointed CRIF, an Italian company, to implement the automation project.
He said the current process of up-dating the credit information by the interns will continue until implementation of the automation project.
The demand for such reports has increased significantly due mainly to inclusion of the small and medium enterprises (SMEs) in the CIB reporting system, the BB executive added.
Earlier, the central bank included SMEs' credit information under the CIB reporting system to improve risk management of the banking sector.
Currently, over 4000 requests for CIB reports have been submitted to the concerned department of the central bank each working day, the BB executive added.
The Bangladesh Bank (BB) is ready to provide its Credit Information Bureau (CIB) reports to the banks and financial institutions within five working days of request from July 1 after it has successfully cleared the backlog of applications.
"We'll provide CIB reports to the banks and financial institutions within five working days in line with our service standard," BB Executive Director AHM Kai Khasru told reporters at a press briefing at the central bank Thursday.
He also said the central bank has been able to settle over 60,000 requests for CIB reports, backlogged for long, since introduction of double shifts on May 18 last.
"The backlog has been removed through special efforts of the central bank by involving freshly recruited 50 officers and 30 interns as they worked on up-dating the information in double shifts for last one and a half months," the BB executive added.
The requests for CIB reports have piled up during the period of updating the list of loan defaulters by the central bank before the last parliament and upazila elections, he said while explaining the reasons for the backlog.
The BB executive also admitted that the banks and financial institutions had to wait even one and a half months to receive credit information from the CIB.
"We'll provide our CIB reports to the banks and financial institutions through online from October 2010," Mr. Khasru said, adding that the central bank has already appointed CRIF, an Italian company, to implement the automation project.
He said the current process of up-dating the credit information by the interns will continue until implementation of the automation project.
The demand for such reports has increased significantly due mainly to inclusion of the small and medium enterprises (SMEs) in the CIB reporting system, the BB executive added.
Earlier, the central bank included SMEs' credit information under the CIB reporting system to improve risk management of the banking sector.
Currently, over 4000 requests for CIB reports have been submitted to the concerned department of the central bank each working day, the BB executive added.