Circulars/Notifications - Payment System Department  
 Circular No. 1
Januaryl 17, 2009 

The Presidents / Chief Executive Officers
All Banks/DFIs

Dear Sirs,

Operational Guidelines for Credit Card Business in Pakistan


Credit Card business is an important segment of consumer financing offered by the Commercial Banks and DFIs. The number and the volume of transaction are showing a healthy growth of this business. The complex nature of the product coupled with lack of awareness is resulting in rising number of complaints and disputes. In order to streamline the process and support the growing business there is a need of proper and well defined procedures. In this regard ‘Operational Guidelines for Credit Card Business in Pakistan” have been developed in consultation with all the stakeholders. The objectives of these guidelines are to:

1. Set the minimum standard of services
2. Promote good banking practices in Credit Card operation
3. Enhance transparency in Credit Card processing
4. Promote fair and cordial relationship between institutions and their customers
5. Foster customer confidence in e-banking products and banking system

The attached guidelines are in addition to the existing instructions / guidelines on the subject. Compliance of these guidelines will be observed from March 01, 2009, except where separate deadlines have been mentioned. All non-compliant institutions will be subject to penalty under the relevant clauses of Payment Systems & Electronic Funds Transfer Act 2007 and Banking Companies Ordinance, 1962.
Please acknowledge receipt.


Encl: As above

Yours sincerely,


(Muhammed Saleem Rehmani)
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