PHOTO: AFP
ISLAMABAD:
President Mamnoon Hussain has accorded his assent to the Credit Bureaus Bill 2015 on the advice of the prime minister.
The summary was moved by the National Assembly and both houses of the parliament had passed the Credit Bureaus Bill, aimed at stabilising the financial system and contribute to sustainable economic growth in the country.
According to a statement of objects and reasons, credit bureaus throughout the world have their eminence and impact on financial decisions. Lending and investment assessments by financial institutions particularly by banks are crucial elements for healthy credit culture in the country.
Credit bureaus provide information for objective examination of credit standing of the borrowers. In Pakistan, a couple of private credit bureaus started functioning, but without any legal framework or regulatory requirements. This raised concerns for the State Bank of Pakistan especially due to the sensitivity of banking information being maintained by these bureaus.
Published in The Express Tribune, August 21st, 2015.
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