Dhaka, March 5 -- Banks and finance companies risk getting punished by the regulator if they fail to update the Credit Information Bureau (CIB) on their clients' credit status, including default loans, within the stipulated timeframe.

Issuing a circular Wednesday, the bureau of Bangladesh Bank stated that the commercial banks and finance companies will have to update the monthly information on all loans to the CIB within 15 days of the subsequent month.

In terms of any change, it says, the banks and finance institutions will be able to make any correction, exclusion and inclusion before the re-uploading of 'error-free file' within the next seven working days of the initial upload.

If the institutions fail to update the error-free infor...