B Mirror Desk: Moving forward, it will be necessary to verify the Credit Information Bureau (CIB) report in order to approve any agricultural loan or to extend the duration of an existing loan.

Previously, agricultural and rural loans up to Tk 2.5 lakh did not require a CIB report, as reported by UNB.

The Agricultural Credit Department of Bangladesh Bank issued this new directive.

The directive specifies that if a loan is granted without verifying the CIB report, banks will be unaware if a customer has taken out multiple crop loans totaling up to 2.5 lakh taka from various banks.

This situation raises the potential risk of increased defaulted loans. Fortunately, obtaining CIB reports has become significantly easier. Banks can now swiftly access the CIB report of loan applicants through the CIB server provided by Bangladesh Bank.

According to the directive, CIB reports must be verified for the approval of any new loans or the renewal of existing loans across all sectors related to agricultural and rural credit, with the exception of MFI linkage.

All other aspects of the agricultural and rural credit policy and program for the fiscal year 2024-2025 will remain unchanged. This directive is effective immediately.