SBP Launches New Version Of ECIB System

Faizan Hashmi Published December 18, 2024 | 11:03 PM

The State Bank of Pakistan (SBP), Wednesday, announced the launch of the new eCIB System (V2), an advanced version of its Electronic Credit Information Bureau (eCIB) system that will be in operation with advent of the new year

KARACHI, (UrduPoint / Pakistan Point News - 18th Dec, 2024) The State Bank of Pakistan (SBP), Wednesday, announced the launch of the new eCIB System (V2), an advanced version of its Electronic Credit Information Bureau (eCIB) system that will be in operation with advent of the new year.

The new eCIB system, developed to cope with technological advancement and aligning the reporting standards with international practices, will become operational from January 1, 2025 to replace the existing eCIB system, said a statement issued here.

The member financial institutions will submit, for the last time under the existing eCIB system, December 2024 data while Credit Information Report (CIR) of the individual and corporate borrowers under the old eCIB system will no longer be a valid report.

The Consumer Protection Department of the central bank, through a circular letter, advised all member financial institutions (FIs) to submit month end data of December 2024 under new eCIB system (V2) as per DFS guidelines by January 10, 2025 through Data Acquisition Portal.

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The Credit Information Report â€œCIR under the old eCIB system will no longer be a valid report,â€ the circular letter clarified and informed that, submission of December 2024 data will enable the member FIs to generate CIR of individual and corporate borrowers under new eCIB system (V2) in prescribed formats.

Under the new system, few additions and amendments have also been introduced in Credit Information Report with the objective to make it more comprehensive, the SBP said and termed the initiative as part of SBPâ€™s broader vision to modernize Pakistanâ€™s financial infrastructure and promote economic growth.

The launch of new eCIB System (V2) reflects SBPâ€™s commitment to leveraging technology to strengthen Pakistan's financial sector, it added.