SBP introduces Master Circular on eCIB
- Measure taken to facilitate meticulous compliance, and help make informed/timely lending decisions
The State Bank of Pakistan (SBP) on Tuesday decided to consolidate the directives pertaining to the Electronic Credit Information Bureau (eCIB) in the form of a Master Circular.
The measure was taken to facilitate all the eCIB member Financial Institutions (FIs) to ensure meticulous compliance.
The Electronic Credit Information Bureau was established by the State Bank of Pakistan (SBP) in 1992 under section 25-A of the Banking Companies Ordinance 1962, to help Financial Institutions (FIs) in making informed lending decisions. Since its inception, SBP has issued various circulars/ directives from time to time.
Credit Information Bureau collects and collates credit data on borrowers from its member Financial Institutions (FIs). The financial data is then aggregated in the system and the resulting information (in the form of credit reports) is made available online to the member FIs for the purpose of credit assessment and credit risk management. The major purpose of this system is to enable Financial Institutions (FIs) to know the credit history of their current and prospective customers, enabling them to make informed and timely lending decisions.
The Master Circular is a compilation of all the applicable instructions and clarifications issued by SBP from time to time relating to eCIB and will supersede the instructions contained in BSD File letter No. BSD/SU-61/101/7494/2004 of 2004, BPRD Circular Letter No.1 of 2010, CPD Circular Letter No.1 and 3 of 2011, CPD Circular Letter No. 1 of 2015, BC&CPD Circular Letter No. 2 of 2020 and BC&CPD Circular No. 4 of 2021.
The SBP has advised all the member FIs to ensure compliance with the master circular in letter and spirit. Failure to comply with these instructions will attract penal action against the concerned FIs under the relevant legal and regulatory provisions, said the central bank.
Comments
Comments are closed.