Financial institutions have been directed by the central bank to identify and notify the Credit Information Bureau (CIB) of willful defaulters.

Bangladesh Bank’s Financial Institutions and Markets Department issued a direction in this respect.

According to the directive, financing companies are required to notify Bangladesh Bank’s Credit Information Bureau (CIB) of any willful defaulters they have identified and resolved. In the CIB, the willful defaulter needs to be identified as such.

Finance businesses are also required to submit the designated form to the CIB, along with the customer’s verified information, if the customer is determined to be a willful defaulter. By the tenth of the subsequent month at the conclusion of each three-month period, finance businesses are required to provide the markets department, CIB, and financial institutions with a quarterly statement that includes the aggregated data of willful defaulters.

In accordance with the Bangladesh Bank inspection team’s specifications, an updated statement and all pertinent documentation must be provided at the same time. The finance company has also been instructed by the central bank to provide the market department and financial institutions with the most recent details of the willful defaulter borrower identifying unit (member name, cellphone number) and any changes within seven days.