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Banks asked to update CIB database quickly

  • Staff Correspondent
  • 11 October, 2021 12:00 AM
  • Print news
Banks asked to update CIB database quickly

Bangladesh Bank instructed banks and non-bank financial institutions (NBFIs) for quick corrections in the CIB database if there are any changes in board of directors or higher management level.

The department of Credit Information Bureau of BB issued the circular on Sunday in this regard and sent it to the top executives of all banks and NBFIs.

The central bank instruction stated that for providing instant services of CIB, it is necessary to update the database regularly.

For the purpose, the Bangladesh Bank asked the banks and NBFIS to maintain the instructions.

It said the borrower banks and NBFIs have to contact with their customers before submitting correction applications to the CIB.

The applicant banks/ NBFIs have to attach the attested latest statement from the board of directors (first and last pages) along with signature of the chairman.

The banks and NBFIs are to fill up the specified forms along with board memo and other related attested documents. Besides, the new director of borrowers’ institutions or any other changes in the management committee should be added in the CIB batch contribution system.

If the borrower institution’s out-going directors’ personal guarantee for liabilities or corporate guarantee remained unchanged, the CIB should be informed of that through the batch contribution system.

The applicant banks and NBFIs have to attach attested application, board regulation of the borrower farm or institution along with the bank’s application to the CIB.

If the applications of banks and NBFIs are not accepted within three months by the CIB, the application will be considered as invalid, the central bank circular said.