Bangladesh Bank Governor Dr. Atiur Rahman inaugurating the Credit Information Bureau (CIB) Online Services in a formal ceremony held at Hotel Ruposhi Bangla on Tuesday

Staff Correspondent :   Bangladesh Bank (BB) governor Dr. Atiur Rahman has said the introduction of Credit Information Bureau (CIB) online services would play a significant role in economic development through ensuring quick, transparent and hassle-free disbursement of credit.

“It will play active role in creating lending environment… help reduce cost of doing business and also simplify the business,” he said while inaugurating the CIB online service at a function at Hotel Ruposhi Bangla in the city on Tuesday.

BB deputy governor Nazrul Huda, Manager of IFC Advisory Services in Bangladesh Ian Crosby and DFID senior private sector advisor Catherine Martin also spoke on the occasion. Speaking as chief guest, Dr. Atiur said the system would help get information on candidates in national and local government elections, and if the government wants, it can also use this system for other purposes.

He said the central bank is “fully committed to promoting automation in the financial sector for faster, more efficient delivery of financial services to all customers including the rural and urban poor.” He informed that other major recent initiatives include automated clearing and settlement of both paper-based and electronic fund transfers, and bank-led mobile phone-based payment and banking services.

The BB governor said the newly established automated CIB will provide credit related information for prospective and existing borrowers including credit history of last two years. “Once the enquiry information is submitted to the system by the bank and financial institution, CIB report will be automatically generated within five seconds and delivered subsequently,” he said adding that he sees this as a watershed event for the country’s financial sector.

Dr Atiur informed that the number of credit receivers in the banking sector stood at about 92 lakh and the central bank everyday handles 5,000-6,000 applications of credit seekers. He thanked all who supported in this process and said that DFID, IFC and other external development partners will continue to be as supportive in such initiatives as they have thus far been.

 BB deputy governor Nazrul Huda said: “It’s an historic moment for country’s banking and financial sectors. After a long two-year journey, the job is done successfully.” DFID senior private sector advisor Catherine Martin said: “DFID is proud to be a partner of Bangladesh’s modern banking system.

It’s another breakthrough for the sector.” She said development of financial sector is closely related to country’s economic development. “Access to finance remained down in Bangladesh compared to other South Asian countries.” Martin hoped that the newly inaugurated system would simplify the credit process and reduce cost and time. Later, the BB governor inaugurated the system through clicking on the application submission form on the net.