SBP To Launch New ECIB System (V2) From January 1
Umer Jamshaid Published December 18, 2024 | 09:02 PM
The new Electronic Credit Information Bureau (eCIB) system (V2) will become operational from January 1, 2025, replacing the existing system, according to the notification issued by the Consumer Protection Department of the State Bank of Pakistan (SBP)
ISLAMABAD, (UrduPoint / Pakistan Point News - 18th Dec, 2024) The new Electronic Credit Information Bureau (eCIB) system (V2) will become operational from January 1, 2025, replacing the existing system, according to the notification issued by the Consumer Protection Department of the State Bank of Pakistan (SBP).
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The transition will streamline credit reporting for all member financial institutions (FIs) and enhance the accuracy and efficiency of credit information management,said a press release issued here on Wednesday.
As per the notification, all member FIs are required to submit month-end data for December 2024 under both the new eCIB system (V2) and the old system in parallel.
Specifically:Data under the new eCIB system (V2) must be submitted by January 10, 2025, via the Data Acquisition Portal, following the updated Data File Specifications (DFS).
Simultaneously, data for December 2024 under the old system must be submitted by January 15, 2025.
From January 2025 onward, the old eCIB system will be decommissioned and all subsequent month-end data will exclusively be submitted under the new eCIB system (V2) by the 10th of each following month.
After the December 2024 data submission, member FIs will be able to generate Credit Information Reports (CIRs) for both individual and corporate borrowers under the new system, as per the updated formats provided by SBP.
Reports generated under the old eCIB system will no longer be considered valid.
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 notification warns.
