CRIB has no say in grant­ing loans

Daily Mirror (Sri Lanka) - - FRONT PAGE - BY CHATURANGA SAMARAWICK­RAMA

The Credit In­for­ma­tion Bureau of Sri Lanka (CRIB) does not have the au­thor­ity to is­sue reg­u­la­tions to banks or in­form lend­ing in­sti­tu­tions not to grant loans even if there is a bad record in the CRIB, CRIB Gen­eral Man­ager Nandi An­thony said. He told the Daily Mir­ror that CRIB re­ports had be­come the cri­te­rion for banks to de­cline loans to peo­ple.

How­ever, Prime Min­is­ter Mahinda Ra­japaksa in his ca­pac­ity as the Min­is­ter of Fi­nance in­structed State banks on Septem­ber 9 to be more le­nient when pro­vid­ing loans to the pub­lic-fac­ing var­i­ous eco­nomic is­sues. “The CRIB can­not is­sue any reg­u­la­tions for banks. Lend­ing de­ci­sions are the re­spon­si­bil­ity of the banks. What CRIB re­ports mainly pro­vides is credit data, and the banks are ex­pected not only to be guided by the CRIB re­port when grant­ing credit fa­cil­i­ties.the lend­ing de­ci­sion should be made af­ter con­sid­er­ing many as­pects and the CRIB re­port is one of them,” mr An­thony said. The CRIB is not a place to is­sue loans or to give re­lief.the CRIB is merely an in­sti­tu­tion pro­vid­ing credit data to lend­ing in­sti­tu­tions to fa­cil­i­tate credit. The CRIB main­tains data on ev­ery­one who takes loans and over eight mil­lion peo­ple and in­sti­tu­tions have taken loans and credit cards.

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