BB, Karmasangsthan Bank sign CIB agreement

Bangladesh Bank and Karmasangsthan Bank have signed an agreement that will allow Karmasangsthan Bank to verify loan applicants’ existing debts and repayment histories through the central bank’s Credit Information Bureau (CIB) before approving loans.

The agreement was signed at Bangladesh Bank’s head office on Monday, according to the press release. Bangladesh Bank CIB Director Md Shafiqul Islam and Karmasangsthan Bank Managing Director Arun Kumar Chowdhury signed on behalf of their respective institutions.

Bangladesh Bank Deputy Governor Md Anis Ur Rahman attended as chief guest. Ashish Kumar Roy, executive director (Statistics-1) at Bangladesh Bank, chaired the ceremony.

Special guests included Shabnam Shirin, executive director (Statistics-2), Md Mojibur Rahman Sheikh, executive director, and Muhammad Mahfuzur Rahman Khan, director.

Karmasangsthan Bank General Managers Md Shafiqul Islam Mia and Md Amirul Islam and Deputy General Managers Md Mashiur Rahman and Muhammad Masudur Rahman also attended as special guests. Senior officials from both banks were present.

Through the CIB, Karmasangsthan Bank will be able to check whether applicants have outstanding loans with other banks or financial institutions and identify any repayment irregularities.

The information will help the bank assess applicants’ overall debt obligations and make better-informed lending decisions.

The agreement is expected to strengthen checks before loan disbursement, improve the management of loan records and promote transparency and accountability in lending.

It is also intended to help the bank reduce credit risks and curb loan defaults.