Bangladesh Bank (BB) will start providing online information of its Credit Information Bureau (CIB) reports to banks and non-banking financial institutions (NBFIs) from July 19, which will make faster the lending services and will eventually cut the cost of doing business. BB Governor Dr 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.
“This is a part of the continuous process of digitizing the central bank and the country’s banking sector to ensure efficient, faster and transparent services to the people,” Dr Rahman told BSS today. He said the online service will make the CIB reports only a click away, which now takes five to seven days.
The report, however, used to take at least three months before Dr Rahman was made the governor. 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 (EC) and other government organizations 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.
Besides, Dr Rahman said the central bank would ensure better use of its manpower after introducing the online CIB reports as only five to seven staff can handle the entire system whereas few hundred people are now doing the jobs. The governor said the huge manpower, which is now busy in handling over 5,000 CIB reports every month, would be use their skill in other necessary services of the central bank.

News: The Independent/ Bangladesh/ July-12-2011