NRB instructs all BFIs to submit details of all the credit and borrowers; Credit information compulsory for taking and renewing it

Mon, Jan 14, 2019 4:51 PM

Nepal Rastra Bank (NRB) has issued a new circular which states that all A, B, and C class banks and financial institutions (BFIs) need to avail the information regarding the credit they disburse and the creditors to the Credit Information Bureau (CIB).

With this directive, NRB aims to strengthen the CIB in order to minimize faulty loans and defaults thereby strengthening the credit system of the BFIs. According to NRB, the BFIs need to submit the newly approved credit files and the loans that have defaulted by more than 90 days. Such information must be submitted with 15 days of the day of occurrence.

Prior to this directive, BFIs were subject to submission of such documents only be the loan was above Rs 10 lakh.

The full directive is attested below:

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