Bangladesh Bank is taking strict steps to ensure the financial transparency of candidates running in the upcoming parliamentary elections. The central bank has directed all scheduled banks and financial institutions in the country to update the Credit Information Bureau (CIB) database to verify whether any candidate interested in participating in the elections is a defaulter.

Banks have been clearly informed that if they provide incorrect information to the CIB or intentionally conceal information, a maximum fine of Tk 5 lakh will be imposed. In addition, disciplinary action, even severe disciplinary action such as dismissal, may be taken against the responsible officers, managers or executives concerned.

Bangladesh Bank has already sent a letter to the managing directors and chief executives of banks and non-bank financial institutions in this regard. The letter states that no negligence or negligence will be tolerated in updating and verifying credit information. If incorrect information or incomplete information is provided, the concerned officer will face direct accountability.

'Zero tolerance' policy on information secrecy

The central bank has said that there will be special monitoring to ensure that no one takes illegal advantage during the election. If an official intentionally provides incorrect information, then action can be taken against him not only administratively but also through ACC and legal processes. Even if a defaulting candidate gets nominated based on incorrect information, the concerned bank will also be liable.

A senior official of a private bank said, "Earlier, many people used to ignore the CIB report, but now everyone is cautious. After the instructions of Bangladesh Bank, we are re-verifying all the information."

Bangladesh Bank's readiness for supervision

To ensure accurate and updated information before the elections, Bangladesh Bank's Credit Information Bureau has already taken the initiative to hold two meetings. One of them was held on October 29 and the other will be held tomorrow, November 3. The heads and reporting officers of CIB branches of scheduled banks and financial institutions are participating in the meetings.

These meetings are mainly discussing technical issues in uploading information to the CIB database, accuracy of information, need for modernization, and progress in verifying candidates' credit information. The main objective is to ensure that there is no confusion or error in information before the election.

When asked about this, a senior official of the central bank, on condition of anonymity, said, "Our goal is to ensure that no irregularities occur in the next election. Extra precautions are being taken this time so that no one can become a candidate even if he is a defaulter."

He said that special vigilance will be maintained to ensure that no one takes illegal advantage during the elections. If any bank official conceals information, he will be fined the maximum amount. In addition, strict punishments such as dismissal will be given to the responsible officers, branch managers and related executives along with disciplinary measures.

The senior official said, "We want the election to be transparent and accountable. Our goal is to ensure that only financially responsible and ethical people can become candidates."

According to experts, this initiative to verify the credit information of candidates is an important step towards ensuring transparency and accountability in elections, because a candidate's financial position is largely a reflection of his honesty and responsibility.

In this regard, Dr. Zahid Hossain, former chief economist of the World Bank's Dhaka office, told Dhaka Post, "The expectation is that banks will properly disclose accurate information about candidates' loans. If Bangladesh Bank gives instructions in this regard in advance, it is a positive step. In the past, there were allegations of concealment or alteration of information to influence elections, hopefully this will not happen this time."

According to the government's announced schedule, the thirteenth national parliamentary elections will be held in February next year (2026). Many see this strict supervision by Bangladesh Bank as a preparation for holding transparent and ethical elections.

According to the law, defaulters cannot be candidates in elections. Therefore, during the selection of nomination papers, the returning officers compare the information received from the bank with the information provided by the potential candidate. If a candidate is defaulter, his nomination paper is canceled. For this reason, officials of the concerned bank are also present in the office of the concerned returning officer during the selection of nomination papers. Apart from this, bank officials are also present in the Election Commission during the hearing of the appeal to prevent defaulting candidates.

According to the Representation of the People Ordinance, if a candidate has a defaulted loan in his name, it must be renewed or paid off before submitting the nomination papers. And if the loan is renewed on time, the person concerned can become a candidate. Otherwise, he cannot become a candidate.

To prevent defaulters from participating in national elections, defaulters were first declared ineligible to run in elections in 1991.