Twenty retail banks in Bahrain were fined in May for failing to keep customer records up to date with the Benefit Company, Gulf Daily News reports on Sunday.
The Central Bank of Bahrain (CBB) fined the lenders BD50 for each customer account that had errors, the report said. The report did not name the lenders.
“We are doing this in order to protect the consumer and it is essential that the Benefit Company has this information so that it can pass it on to other banks who have been approached by customers looking for a loan or consumers wanting to open an account,” CBB retail banking supervision director Yousif Hassan told the paper.
He said that errors in returns to the Benefit Company, which are passed on to the CBB, were “substantial”.
“About 99 percent of the data we receive is up to date and accurate,” Benefit Company national credit reference bureau supervisor Hessa Hussain told the paper.
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