About the Credit Information Bureau
(CIB)
The
Credit Information Bureau (CIB) is a public
sector credit bureau of Pakistan. It was established
in 1992 by the State Bank of Pakistan (SBP)
under Section 25(A) of Banking Companies Ordinance-1962.
The underlying idea behind setting up the CIB
envisaged promotion of financial discipline
and better credit risk management among financial
institutions operating in Pakistan and encourage
adoption of best practices to mitigate credit
risk. The financial institutions started submitting
their data on quarterly basis effective from
March 31, 1993 for the borrowers of Rs. 0.5
million & above. Subsequently the frequency
of data submission was shortened from quarterly
to monthly.
In
April 2003, SBP enhanced the efficiency of the
CIB by introducing eCIB online facilities. At
that time the CIB was the first bureaus of the
region which introduced online facility to its
member financial institutions. This development
made financial institutions able to upload their
data into eCIB system and also generate the
CIB reports on online. In this way time lag
was substantially reduced.
Recently, the SBP has further upgraded the CIB’s
technical and reporting structure significantly.
The limit of Rs.0.5 million has been abolished,
now all fund and non-fund based credit facilities,
irrespective of any amount outstanding amount,
are being reported to CIB. Under the new system,
the CIB data is submitted online and connectivity
is through Virtual Private Network (VPN). The
member FIs can access new CIB data through online
connectivity and access mediums are DSL, DXX,
dedicated leased line and dial-up. All Banks/DFIs/NBFCs/Modarbas
and Micro Finance Banks in Pakistan are members
of the CIB and reporting to the CIB is mandatory
for all the members.
The key other improvements of the new system
also include to:
