The proposed legislation will provide for the functioning and regulation of credit bureaus in the private sector DESIGN: CREATIVE COMMON
The Standing Committee of the Parliament on Finance, Economic Affairs, Statistics and Privatisation has approved the Draft Credit Bureaus Act, 2015, according to a statement released by the State Bank of Pakistan (SBP).
The proposed piece of legislation will provide for the incorporation, functioning and regulation of credit bureaus in the private sector.
SBP Deputy Governor Saeed Ahmed briefed the committee about the contents of the proposed law and submitted comparison of main clauses of the similar laws from 10 other countries as advised earlier by the committee.
After detailed deliberations, a sunset clause was also inserted in the draft law to oust the eCIB of the SBP. Furthermore, the SBP has been empowered to prescribe the amount of paid-up capital as in the case of commercial banks, microfinance banks, payment system operators, exchange companies etc under the relevant laws.
Published in The Express Tribune, March 12th, 2015.
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