CRIB Web

History & Milestones

COMMENCEMENT OF BUREAU OPERATIONS

  • A committee appointed by the Central Bank of Sri Lanka in 1987 and a blue print presented thereupon recommended the establishment of a Credit Bureau in Sri Lanka which finally came into operation on 15th May 1990 through a Gazette notification No 610/5.

  • The “Credit Information Bureau of Sri Lanka” was established by Act No 18 of 1990 and the first Board meeting of the Bureau was held on 6th June 1990 which formalized the operations.
  • The Bureau was officially inaugurated on 01st August 1990 by Hon D B Wijetunga, Prime Minister and Minister of Finance and was located in the 6th floor of the Ceylinco House, Colombo.

 

CONSTITUTION OF THE FIRST BOARD OF DIRECTORS OF CRIB

The following Board members were appointed to the Board of Directors of CRIB with effect from 1st June 1990 for a period of 03 years.

Chairman - Dr S T G Fernando – Deputy Governor of Central Bank of Sri Lanka
Director - Mr. P T Sirisena – Director of Bank Supervision, Central bank of Sri Lanka
Director - Mr. K Thureirajah – Deputy General Manager, Bank of Ceylon
Director – Mr. Nihal Jayawardena – Deputy General Manager, People’s Bank
Director – Mr. Edgar Gunatunge – Managing Director, Commercial Bank of Ceylon Limited
Director – Mr. Graham J Joseph – General Manager, ANZ Grindlays Bank
Director – Mr. M R Prelis – General Manager, DFCC Bank
Director – Mr. W A Wijewardena - General Manager, CRIB

 

PROGRESSIVE EVOLUTION…….

  • CRIB starts its operations on 1st August 1990.
  • Establishment of “irregular loan accounts” database above Rs 500,000 by end of November 1990.
  • Issuing of credit information to members on request by December 1990.
  • CRIB initially issued 20 reports per day – free of charge.
  • First IBM minicomputer was leased out through a facility provided by a member bank.
  • Accounts of the Bureau for the period of six months ended 31stDecember 1990 were audited by the Auditor General Mr. W Gamini Yapa. Net profit of Rs 747,286 was recorded as investment income.
  • The Board first decided to levy a charge on credit reports issued by the Bureau from 1st January 1992. Rates fixed were Rs 35/- and 20/- per report transmitted through fax and post respectively.
  • Updating of records from half-yearly to monthly intervals were introduced on 1st January 1993.
  • Committee comprising of Legal consultants from Central Bank of Sri Lanka and People’s Bank presented the draft amendments to the Act in 1992 and was passed by the Parliament in 1995.
  • Establishment of a separate Registry for registration of leasing facilities was charged with the Bureau under Asian Development Bank technical assistance program.
  •  The office of the Bureau was totally destroyed in the Central bank bomb blast on 31st January 1996. However, the data preserved elsewhere helped CRIB to re-establish and re-commence operations during a shorter period of time.
  • The 1stSouth Asian Credit Bureau Conference was organized by CBSL, CRIB and the World Bank in May 2004.
  • Commencement of CRIB Modernization Project and issuance of RFP in November 2005.
  • Automation project initiated with the technical partner MS. Dun and Bradstreet Information Services in August 2006.
  • Launch of Credit Information Management System (CRIMS) in January 2008.
  • Official launch of the System in May 2009.
  • The draft amendments to the act aimed at broadening the scope of the Bureau services was passed by the Parliament in 2009.
  • Self Inquiry Report (iReport) service where individuals and commercial entities are allowed to access/request their own credit reports from the Bureau commenced in December 2009.
  • Commencement of collection of Dishonored Cheque details from commercial banks in January 2010.
  • Establishment of a “Special Customer Help Desk” for handling of customer disputes on credit information in December 2010.
  • Establishment of a “Secured Transactions Register” (STR) under the newly enacted law “Secured Transaction Act No 42 of 2010”. CRIB started a new register on 1st August 2011 for registration of security interests over movable assets used as collaterals when granting loans.  

 

 

 

 


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