Banking and finance industry meets for CRIB AGM

Wednesday, 16 July 2014 00:00 - - {{hitsCtrl.values.hits}}

Ninety three financial institutions in the country, all stakeholders of the Credit Information Bureau of Sri Lanka (CRIB), met for the 24th Annual General Meeting of the credit bureau held recently at the Cinnamon Grand. Amongst those present were Chief Executives/General Managers and CRIB Compliance Officers of these institutions.

CRIB Chairman and Central Bank Deputy Governor Ananda Silva was the Chief Guest. The Director General Manager Gamini Karunaratne welcomed the participants and thanked the shareholder institutions for the support and cooperation extended to CRIB during the year 2013. Deputy Governor Ananda Silva in his speech as the Chairman of CRIB requested the financial institutions to interpret Credit Reports in a manner that a borrower is not denied credit unjustly. He requested these institutions to be fair in their credit decisions made based on the information given on Credit Reports. Under any other businesses it was suggested that the management of CRIB considers inclusion in Credit Reports details of current accounts that are closed by banks due to irregular conduct. It was pointed out that although details of cheques returned due to insufficient funds are already included in the credit information, details of accounts that are closed due to bad conduct would also assist the banks to eradicate bad practices currently rampant in the finance market. It was also suggested that CRIB considers a revision of the charges presently levied on Credit Reports in view of the high usage of such reports by financial institutions for their credit evaluations and internal control of non performing advances. Gamini Karunaratne stressed on the importance of receiving updates and accurate credit information from member institutions in view of the escalating demand for Credit Reports and more importantly since many decisions are now arrived at based on the information given on Credit Reports. He quoted a recent case of an individual whose marital status was incorrectly stated in his Credit Report as ‘married’ although he was a bachelor. This error although looks and sounds simple to many, however, has caused the person concerned much embarrassment and perhaps loss of opportunity of finding a partner. Karunaratne also briefed on the calendar of events for this year. The popular and much awaited six-a-side softball cricket tournament played for the ‘Governor’s Trophy’ will be held on 11 and 12 October at the P. Sara Stadium. This annual tournament which is designed to increase the camaraderie between the staff of all financial institutions in the country had a record 98 teams registered last year. This year he anticipates an even larger number judging from the inquiries coming in already. Central Bank Governor Ajith Nivard Cabraal takes part in the colourful opening ceremony each year and for the awards ceremony on the second day. Karunaratne also announced that the Annual Symposium for CRIB Compliance Officers will be held this year too on 21 November at the Cinnamon Grand. This year an eminent speaker from Singapore will speak on the introduction of a ‘Credit Score’ in Sri Lanka. The meeting ended with Deputy General Manager Janaka Lakmal giving the vote of thanks.