24Apr 2019
Wednesday

Local banks provide Central Bank database of transactions

Updated : Thursday, 04 April 2019, 12:49:32 PM
Local banks have begun to provide the Central Bank of Kuwait with a
Editorial Staff
By Editorial Staff
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KUWAITCITY(IAMINKUWAIT) : Local banks have begun to provide the Central Bank of Kuwait with a broad database of customer transactions during the period 2008-2018 to conduct a study analyzing the behavior and trends of banking customers in cooperation with Cranfield University of the United Kingdom, reports Al-Qabas daily.

The Central Bank has requested local banks not to include any information indicating the identity of the customers. The names of the banks will not be disclosed when the study is conducted in order to preserve bank secrecy in accordance with the provisions of Law No. 32 of 1968 regarding cash and the Central Bank of Kuwait and regulating the banking profession and its amendments.

The deadline for the submission of encrypted data to the Central Bank expires on April 7. The list of data required in the tables specified for this purpose shall include choosing a random sample of customers of not less than 100 thousand customers, indicating the age, gender, address and date of opening their accounts in the bank.

This is in addition to the total loan portfolio of each customer over the last 10 years showing the total loans, installments and interest with the identification of consumer loans and the remaining balance as well as “housing” loans with the basic premium, interest and balance remaining; bank transfers recorded monthly during the last ten years by date, value, currency, type and method of conversion ‘credit card/debit card’. Added to this will be the monthly income of the client during the same period and if the customer joined the bank after the required period leaves the years empty, it will appear at his former bank; Current account, final balance, savings account, final balance, deposits and final balance and operations information using ATM cards, POS, on line banking, and Mobile Bank withdrawals, deposits, transfers, purchases and payments.

On the other hand, banking sources said that the survey and analysis of the behavior and trends of customers in local banks comes within the framework of the constant pursuit of the Central Bank of Kuwait to complete efforts in order to provide appropriate policies and regulations and to benefit from modern technologies.

The sources pointed to several citizens who attribute importance to the existence of such a study, including the following the decision to raise or stabilize the interest requires accurate data of the levels of expenditure and the rate of inflation and the volume of deposits in dinars and other currencies; the availability of the database will provide accurate information that may contribute to the knowledge of the causes of consumer loans and how to spend and may help to clarify the details and backgrounds of the loan crisis and may prevent recurrence and provide a database of banking operations carried out through electronic transactions through Online Bank and Mobile Bank, which supports the banks’ orientation towards electronic banking

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CommodityUnitPrice(KWD)Price(USD)Price(INR)Change%
Gold1 Ounce 386.461270.0588493.16 -0.34%
Gold1 Tolas 144.9476.1933179.78 -0.34%
Gold 18K1 Gram 9.3230.632134.13 -0.32%
Gold 21K1 Gram 10.8735.722489.06 -0.37%
Gold 22K1 Gram 11.3937.432608.13 -0.35%
Gold 24K1 Gram 12.4340.852846.27 -0.32%
Silver1 Kilogram 144.9476.1933179.78 -1.36%
Silver1 Ounce 0.140.4632.06 -96.94%
Silver1 Gram 4.5114.821032.72 2906.67%