The Central Bank advanced one step forward towards its automation process as the Governor Dr Atiur Rahman formally launched the online Credit Information Bureau (CIB) reports on Tuesday.

The system will reduce the whole report processing time to only few clicks of computers from around seven valuable working days, along with ensuring transparency and keeping loan defaulters away from getting fresh loans through any loopholes, BB officials hoped.

Banks and financial institutions will now be able to access the CIB database online to get the credit report of the concerned borrower. The database will consist of detailed information of individual borrowers, owners and guarantors.

CIB report, the dynamic and hassle-free system, is considered a pivotal component of risk management measures.

Online CIB will minimise the extent of default loan by facilitating the banks and financial institutions with credit reports of the loan applicants very quickly, and therefore, lending institutions would not encounter any credit risk while extending lending or rescheduling facility, the BB Governor said. “The CIB online service will play a pivotal role in creating a disciplined environment for borrowing. Risk management will be more effective as it’s an improved and efficient system,” Atiur said.

He also hoped that the system will assist the election commission in finding out the loan status of the candidates competing in national and local elections, apart from increasing banks’ expertise.

Currently, the number of borrowers in the country is more than 9.2 million and the BB daily receives around 6,000 applications for CIB reports.

Though only five days were stipulated for every procession, BB officials sweltered to do the job even in 20-25 days for shortage of manpower and manual handling.

But the introduction of the online system will reduce their work pressure and they will be able to utilise their skills elsewhere as the time consumption to get the job done will come down to only five minutes.

News: Daily Sun/ Bangladesh/20-july-2011

Eastern Bank Limited (EBL) recently organised a farmers’ gathering at Mohishasi Bazar of Dhamrai upazila to create awareness about “EBL Krishi Rin,” expected to be launched by the bank soon.

Around 150 farmers were present at the gathering, who exchanged views on different problems and prospect of cultivation. They also highlighted the problem of access to finance, said a press release.

EBL assured them and promised to support for availing the EBL Krishi Rin and distributed 150 account opening forms to the farmers to accelerate the loan processing.

News: Daily Sun/ Bangladesh/20-july-2011

Standard Chartered Bank has recently launched an ATM booth at Banglalink head office in the city’s Gulshan area to provide corporate and consumer banking services to the employees of mobile phone operator.

Banglalink chief financial officer Mohamed Osman, human resources and administration director Tarek Beram, Standard Chartered Bank’s managing director for origination and client coverage Abrar Anwar, acting head of consumer banking and general manager for distribution and personal banking Sabbir Ahmed, general manager for deposit management products and employee banking Md Mahiul Islam, head of marketing and consumer banking Aftab Mahmud Khurshid, among others, were present at the inaugural function.

News: Daily Sun/ Bangladesh/20-july-2011

Bangladesh Bank is going to introduce online Credit Information Bureau (CIB) reports of banks and financial institutions this week that would bar loan defaulters from contesting elections. Talking to BSS today, Chief Election Commissioner (CEC) Dr ATM Shamsul Huda welcomed the central bank’s new initiative.
“Online CIB reports would help the commission to identify the loan defaulters and take prompt decision in canceling their nomination papers,” said the CEC.
In the past, the EC had to wait for days to get information about loan defaulter candidates and many candidates had won the elections by keeping the commission, the banks and financial institutions in the dark.
From now on, loan defaulters would not be able to hide information from the Election Commission (EC) and the concerned bank and financial institution the central bank opens the much- awaited online CIB report service on July 19. Governor of the central bank Dr Atiur Rahman is expected to inaugurate the service at its Motijheel head office. All 47 banks and 39 other financial institutions would be able to collect CIB report using this online service.Following the existing law of the land, the CIB report will include the name of an individual who has defaulted repayment of at least Taka 50,000 loan, bank sources said.

News: The Independent/ Bangladesh/ July-17-2011

M. Wahidul Haque and Salim Ahmed have been re-elected the chairman and vice chairman of the board of directors of AB Bank Ltd recently.

The board of directors re-elected them as chairman and vice chairman at its meeting on July 12, said a press release.

Wahidul Haque joined AB Bank Board in 2007 and was elected the chairman of the bank in 2008. He was the chairman of Bangladesh Tea Association for the longest period. His contribution to the country’s Tea industry of Bangladesh is widely acclaimed.

Daily Sun/ Bangladesh/ July-17-2011