Banks, NBFIs to face Tk5 lakh fine if monthly loan data not provided on time: Cenbank
Banks, NBFIs will have to provide the monthly data within the 15th of the next month from now on
From now on, banks and non-bank financial institutions (NBFIs) will have to update the monthly information about borrowers by the 15th of the following month or face Tk5 lakh in fines, the Bangladesh Bank has said.
Previously, the deadline for providing the monthly data was 20th of the next month.
In a circular issued today (5 March), the Credit Information Bureau (CIB) of the central bank also said it would take action against the officials of any bank and NBFI if the monthly data on loan disbursement is not provided to the CIB accurately and satisfactorily.
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Failure to adhere to the above-mentioned directives will result in fines of up to Tk5 lakh.
The circular states, "In order to consolidate the credit discipline of the banking sector, it is absolutely necessary to provide accurate information to the CIB. For this, banks and financial institutions are instructed to send monthly information on borrowers' loans to the CIB."
It further states that the loan information must be corrected in the system within seven working days of uploading it to the system.
"If the loan information is not updated and submitted within the stipulated time, a detailed explanation stating the reason must be provided to the CIB within three days.
"If the explanation is not considered satisfactory by the bureau, a fine of up to Tk5 lakh can be imposed on the bank or finance company concerned and disciplinary action will be taken against the officials concerned," the circular added.
