BB tells banks, NBFIs to update CIB data

The Bangladesh Bank on Sunday asked banks and non-bank financial institutions to update Credit Information Bureau (CIB) related data of directors of the borrowing entities.

The central bank, in a notice, said it had taken the initiative to provide stakeholders with better and prompt services on CIB reports.

Banks and NBFIs have to submit relevant documents and forwarding letters to correct information if there is any change in the board of directors of a borrowing company.

Before sending the request letter to the bureau for correcting CIB database of a borrowing company, the requesting bank or NBFIs must suggest the client communicates the issue to other banks or NBFIs concerned so that they can also send the necessary documents to the bureau, the BB notice said.

The requesting bank or NBFIs must submit either the attested copy of the minute’s pages stating the decision on the captioned subject along with the first and last pages of the minutes signed by the chairman of the board of directors of the lending bank or NBFI or the approval of the one step higher authority than the sanction authority, whichever is applicable.

The requesting bank or NBFI must enclose attested copies of documents, including board memos, memorandum and articles of association or other documents, as instructed from time to time by the CIB along with the forwarding letter.

The incoming directors of the borrowing company have to be inserted through batch contribution to the CIB database before sending the request to the bureau.