
Thumbprint Verification Challenges and Guidelines for Secure Loan Processing
September 3, 2024To provide loans securely , it is mandatory to collect, verify, and store the borrower’s and guarantor’s details, including their thumbprints, using the National Identity Card (“NID”) database. However, in certain cases thumbprints cannot be verified via the NID database, such as those involving foreign nationals, expatriate Bangladeshis, and individuals with physical disabilities. Special instructions were issued to address these challenges, but there have been numerous inquiries from banks encountering challenges in implementing them.
This circular was issued to emphasize that, as per the issued guidelines, all loans must have the borrower’s and guarantor’s details, including thumbprints, collected, verified, and stored using the NID database. In instances where thumb verification via the NID database is not possible, banks are responsible for accurately identifying the individuals. All other instructions from the previous circulars will remain unchanged.
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