By Zahara Haris
The Credit Information Bureau of Sri Lanka (CRIB) celebrated its 25th anniversary prestigiously by recognising and felicitating the people who played a significant role throughout the years.
To mark the event, the first-ever newsletter ‘CRIB and CREDIT’ compiled by the staff of the CRIB was issued and the first copy was presented to Central Bank Governor Arjuna Mahendran, who was the chief guest at the event.
CRIB Sri Lanka, the first in South Asia, was established in 1990 and was formed by the Central Bank of Sri Lanka and the Finance Ministry by an Act of Parliament as a response to the 1980s’ debt crisis in the country. The CRIB, which plays a crucial role in developing a vibrant financial system in Sri Lanka, also plays a vital role in the realm of credit risk management and to promote a healthy credit culture in the country. Addressing the gathering, Mahendran said that it is important to involve Sri Lankans working overseas to the credit evaluation system in Sri Lanka.
“We should perhaps bring Sri Lankans working overseas into our credit evaluation system because to me it seems the remittances that come from overseas are a very valuable financing opportunity, which will help us to develop the country.” He said that this is a linkage the CRIB should exploit on how to use the savings coming from offshore. CRIB Chairman Ananda Silva said that the CRIB has contributed to reshape the credit culture in the country and has played a vital role in facilitating financial institutions over the past two and a half decades. “The CRIB has always tried to maintain accuracy and timeliness in providing credit information and at the same time ensure confidentiality of data submitted by bank and non-bank financial institutions. In fact, the CRIB has contributed to reshape the credit culture in the country,” he said. The CRIB is a public-private partnership, with the Central Bank holding the majority of equity, while the rest is held by lending institutions regulated by the Central Bank. Several banks and institutions won awards at the ceremony and it concluded with the Annual General Meeting, which was attended by CEOs and compliance officers of stakeholder institutions.
Pix by Kushan Pathiraja