x

CBN Makes GSI Unlimited Until Loans Fully Recovered

The Central Bank of Nigeria (CBN) has further spread its dragnet against loan defaulters, as it extends the Global Standing Instruction (GSI) recovery frequency for individuals from restricted to continuous and unrestricted.

Consequently, in a circular issued yesterday by the Director, Financial Policy and Regulatory Department, Mr. Chibuzo Efobi, indicates that the GSI would remain valid until such loans are fully recovered.

The circular number : FPR/DIR/PUB/CIR?001/039 reads in part:

“In furtherance of its mandate to promote financial system stability, the CBN released the circular on the Operational Guidelines oc the Global Standing Instruction (GSI( – Individual dated July 13, 2020.

“The initiative was conceived to fundamentally to address the recurring instances of willful loan default in the industry to: to identify and watchlist recalcitrant loan defaulters; enhance loan recovery from all eligible and funded accounts / wallets in the industry; improve credit repayment culture and reduce nonperforming loans in the Nigerian banking system.

“Consequently, please be informed that the frequency of recovery attempts via the GSI platform has been amended from a specific number to continuous and unrestricted.

“In order words, the GSI automated loan recovery feature applicable to all loans in the industry shall remain perpetually in place throughout the life of the loan and/or until the loan is fully repaid.”

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Abuja Road construction: Guzape, Kpaduma Residents Will Be Fully Compensated – Wike

By Joyce Remi-Babayeju The FCT Minister Barr Nysome Wike has...

mass Defection Hits Sokoto Pdp as Business Wing Joins Apc

By Muhammad Ibrahim, Sokoto  A significant blow to the Peoples...

world Bank Team Hails Sokoto L-pres Execution

The World Bank’s Third-Party Monitoring Team has commended the...

Youths Protest  Over Land Grabbing In Delta Community

By Anne Azuka  Youths from Ogbe-Akwu community in Ogwashi-Uku Kingdom...

Gov. Ododo Flags Off the Construction of  7.2 Idah Township Road

By Noah Ocheni, Lokoja Kogi State Governor, Alhaji Ahmed Usman...

Plateau Gives 72-Hour Ultimatum to Jos Motorcyclists

By Israel Adamu, Jos   Plateau State Government has raised alarm...

mutfwang’s Envoy Seeks Bank Partnership

By Israel Adamu, Jos   Special Envoy on Peace and Security...

Youths Protest  Over Land Grabbing In Delta Community

By Anne Azuka  In a powerful show of unity and...
spot_img

Related Articles

Popular Categories

spot_imgspot_img