The
Presidents/Chief Executives
All
Banks/DFIs/NBFCs
Dear
Sirs/Madam,
CIB
Data
Please
refer to BSD Circular No.4 dated 25th February,
2003 on the captioned subject, in terms of which banks/DFIs/NBFCs
were advised, interalia, to submit CIB data of borrowers of
Rs.0.5 million and above through online system within 15 days
from the close of each calendar month.
2)
With the introduction of online facility for submission
of CIB data and in order to provide latest CIB position to
banks/DFIs/NBFCs, it has been decided to reduce the time lag
between the data reporting date and uploading of data on CIB
server for generating CIB reports. Accordingly, banks/DFIs/NBFCs
are advised to submit the CIB data of their borrowers of Rs.0.5
million & above through online system by 10th
of each month following the month to which CIB data relates
to. The revised timeline shall be applicable for submission
of CIB data for the month ending 30th September,
2003, which shall be submitted on or before 10th
October, 2003. The banks/DFIs/NBFCs are also advised to ensure
accurate reporting of data to the CIB.
3)
It has been observed that banks/DFIs/NBFCs do not intimate
the subsequent repayment/settlement of overdues/defaults to
the CIB which causes inconvenience to the borrowers and also
adversely affects their reputation. It has, therefore, been
decided that the banks/DFIs/NBFCs shall invariably report
in writing to CIB the subsequent clearance of overdues/defaults
within three working days from the date of such repayment/settlement.
4)
Furthermore, in order to facilitate borrowers and to
provide latest position of their indebtedness in the CIB report
it has been decided to reflect the detail of re-payment/settlement
of overdues/defaults made subsequent to the reporting date
in the CIB report by way of following notes in the remarks
column of the CIB report on the basis of a written letter
from the concerned bank/DFI/NBFC confirming that the overdues/defaults
amount has been cleared by the borrower on a specific date:
“The
concerned bank/DFI/NBFC has subsequently reported clearance
of overdues/defaults of Rs. …… on …… (date).”
5)
In order to make the above arrangements effective,
banks/DFIs/NBFCs are advised to ensure confirmation within
three working days, of the borrower’s repayment status on
receipt of a query from the State Bank and subsequently ensure
reporting of the updated and accurate data in the relevant
month’s CIB data to SBP so that borrowers are not adversely
impacted by the mis-reporting of data. Any mis-reporting
shall attract penal action under the relevant provisions
of the Banking Companies Ordinance, 1962.
6)
Other instructions on the subject shall, however, remain
unchanged.
Please
acknowledge receipt.
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