If you have a loan in the commercial bank, the National Bank of Georgia (NBG) will know your income volume, because commercial banks in the country are required to provide this information to the NBG.
Within the frame of the change, commercial banks are instructed to submit detailed financial information about all their borrowers to the regulator on a monthly basis.
The financial information should include the identification data of the borrowers, the volume of loans taken by them, the paid installments and other details.
In addition, the data to be submitted also includes information on customer income, which the borrower provides to the commercial bank. There are currently 2.8 million individual loans in banks, so the National Bank will receive information on all of these loans, as well as future approved loans.
Banks must submit the relevant information to the National Bank by the 10th of each month.
In more detail, the data on borrowers to be provided by banks are:
• Client identification data;
• Last updated financial data of the client;
• Last updated customer revenue data;
• Credit commitment details;
• Client's financial data at the time of loan disbursement;
• Credit commitment data;
• Information on refinanced loans;
• Information on investments;
• Information on rejected credit applications;
• Information on loans closed during the reporting month.
Accordingly, banks must provide the National Bank with information on the value of the property invested in each loan. Also information on rejected credit applications – or which individuals and legal entities tried to get a loan during a particular period.
In addition to commercial banks, a similar obligation should be imposed on microfinance organizations. MFOs currently have a total of 680,000 individual loans. According to the NBG, at the initial stage, its submission will be voluntary for MFOs.
