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Credit bureaus in private sector allowed

Credit bureaus in private sector allowed

KARACHI: The State Bank of Pakistan (SBP) has issued Credit Bureaus Regulations and licensing criteria for setting up credit bureaus in private sector, said a press releases issued by the central bank on Friday.

“The regulations prescribe regulatory requirements with respect to corporate governance, data security, operational efficiency and consumer grievance handling for credit bureaus,” said the SBP.

The licensing criteria have been made public to ensure transparency and guidance for prospective applicants about application procedure and high-level description of key parameters for evaluation of applications for the establishment of credit bureaus.

By virtue of Credit Bureaus Act, 2015 (CBA), SBP is the sole regulatory and supervisory authority for the private credit bureaus in Pakistan. The act, in relation to private credit bureaus, empowers SBP to grant licence, formulate policy and regulations and take enforcement actions.

“Credit Bureaus Regulations, Licensing Criteria and other related information are available at SBP website,” said the central bank.

Courtesy : Dawn News



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