Karachi: The State Bank of Pakistan (SBP) has announced the launch of an upgraded eCIB system (V2) for banks and financial institutions (FIs) to streamline data submission and credit reporting processes. The move aims to enhance efficiency and accuracy in reporting, ensuring compliance with modern regulatory standards.
According to a notification from the SBP, the new system will officially become operational on January 1, 2025. In preparation for this transition, member financial institutions have been instructed to submit December 2024 month-end data under both the old and new eCIB systems during a parallel run phase. The new system’s data submission deadline is January 10, 2025, while the final submission under the old system is required by January 15, 2025. Post this date, the old eCIB system will be decommissioned, and all subsequent monthly data must exclusively be reported through eCIB (V2) by the 10th of each following month.
The SBP has provided detailed Data File Specifications (DFS) to guide member institutions in submitting data via its Data Acquisition Portal. After the December 2024 submission, member banks and FIs will also be able to generate Credit Information Reports (CIR) for both individual and corporate borrowers using the new system. The CIR generated under the upgraded eCIB (V2) will be considered the only valid report, with the previous system’s CIR becoming obsolete.
The central bank has emphasized the importance of accurate, complete, and timely data submission, cautioning that any lapses in compliance could lead to enforcement actions, including monetary penalties. Furthermore, non-compliance may expose financial institutions to legal or other liabilities.
This upgrade is part of the SBP’s ongoing efforts to modernize the country’s banking infrastructure, ensuring that data reporting and credit monitoring align with international best practices. Member financial institutions are urged to adapt to the new system seamlessly to avoid disruptions and ensure continued adherence to regulatory requirements.
The introduction of eCIB (V2) is expected to significantly enhance the quality and reliability of credit information in Pakistan, benefitting both the banking sector and borrowers.