KARACHI: The State Bank of Pakistan (SBP) has launched the new eCIB system (V2), an advanced version of its Electronic Credit Information Bureau (eCIB).
The new system will become operational, wef, January 1, 2025 to replace the existing eCIB system. It has been developed to cope with technological advancement & reporting standards aligned with international practices. Under the new system, a few additions and amendments have also been introduced in Credit Information Report with the objective to make it more comprehensive.
The launch of V2 reflects the SBP’s commitment to leveraging technology to strengthen Pakistan’s financial sector. This initiative is part of SBP’s broader vision to modernize Pakistan’s financial infrastructure and promote economic growth.
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Accordingly, the SBP has advised all member financial institutions (FIs) to submit month end data of December 2024 under new eCIB system (V2) by January 10, 2025 through Data Acquisition Portal by the guidelines provided by the SBP in Data File Specifications (DFS).
Further, all member FIs are also required to submit the month end data of December 2024 under old eCIB system, in parallel, by 15th January 2025. Thereafter the old eCIB system will be decommissioned and all member FIs are required to submit each month end data regularly under new eCIB System (V2), by 10th of the following month.
After submission of December 2024 data, the member FIs will be able to generate Credit Information Report (CIR) of individual and corporate borrowers under new eCIB system (V2) as per the attached formats. Consequently, CIR under the old eCIB system will no longer be a valid report.
The SBP has asked all the member FIs to ensure accurate, complete, and timely reporting of eCIB data to the State Bank of Pakistan.
Any non-compliance will result in enforcement actions including penalties, under applicable regulations/laws. Further, in such case(s), the FIs will also bear responsibility for any legal or other consequences, the SBP said.
Copyright Business Recorder, 2024
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