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Credit info goes online

Star Business Report
Bangladesh Bank yesterday launched online services of its Credit Information Bureau (CIB) to provide quick reports to banks and non-bank financial institutions.
Atiur Rahman, the central bank governor, inaugurated the CIB's online services at an event at Ruposhi Bangla Hotel in Dhaka.
From now, the banks and financial institutions will get the CIB reports within five seconds compared to at least five days it had earlier needed to get the same information, said Rahman.
The UK-based Department for International Development (DFID) funded the project, with assistance from International Finance Corporation (IFC) office in Dhaka.
DFID provided $5.6 million to complete the project that began in May 2009 in an effort to provide online services on credit to the banking and other financial sectors.
The CIB report is mandatory for receiving Tk 50,000 in loans from banks. In case of farmers, the limit is Tkl lakh, according to the central bank.
The financial regulator has regis-
tered the names of 11 lakh individual loan recipients and loan disbursement agencies in the CIB as of yesterday. The CIB reports of the listed individuals and agencies can be obtained immediately.
With financial assistance from the World Bank, the CIB was established with Bangladesh Bank in August 1992 for having existence of huge classified loan then.
Currently, the number of bank loan borrowers in the country stands at 92 lakh, according to BB statistics. Alone in 2010, the central bank had to supply 10.02674 lakh CIB reports to different banks and financial institutions.
Officials said the whole manual system was time-consuming as the central bank had to customise a lot of information about bank clients. On average, five to six thousand applications are submitted to the central bank for CIB reports everyday, according to the central bank.
Rahman said automation is part of a continuous process of digitising the central bank and the country's banking sector.
The online reports will cut the cost of doingbusiness as officials of banks
and NBFIs will not have to wait for long to get the reports.
Rahman said the election commission and other government agencies can also get necessary information to know whether any particular individual is a loan defaulter or not. The automation of information would also help combat credit related corruption.
With the automation, banks and financial institutions will furnish credit information to the CIB database online from their own sites instead of physical transfer to compact disks. They will also have access to credit reports from CIB online at their own sites instead of going through a long process of applying for and obtaining reports printed on paper.
The automated CIB will provide credit related information for prospective and existing borrowers including their credit history of last two years, he said.
BB Deputy Governor Nazrul Huda, head of South Asia Enterprise Development Facility of IFC Ian Crosby and Senior Private Sector and Market Development Adviser of DFID Catherine Martin also spoke.