BB asks banks, NBFIs to inform of wilful defaulters

Bangladesh Bank yesterday asked banks and non-bank financial institutions (NBFIs) to inform Credit Information Bureau (CIB) of wilful defaulters the moment they are identified.

The central bank issued a notice yesterday saying that the banks and NBFIs have been instructed to provide all information they have of wilful defaulters to the CIB database on a real time basis from July this year.

In March of this year, the banking regulator issued a guideline on ways to identify wilful defaulters.

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The following month, the BB asked banks to form a unit to dedicatedly carry out the task of identifying wilful defaulters as per the guideline.

Once a customer turns into a loan defaulter, the unit must identify whether the client was a wilful loan defaulter or not within 30 days, as per the BB guideline.

The BB also instructed that once a person was confirmed to be a wilful defaulter, the banks and NBFIs must also decide on the measures they would take against that person.