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Reforms in the Getting Indicator
Under the Getting Credit Indicator following reforms have been completed so far;
I. Depth of Credit Information:
- Data sharing between retail and utility companies and the private credit bureaus. Government has issued a notification on August 27,2019 allowing wireless telecommunication companies to share data with private credit bureaus. Similarly, the Government has also notified the data sharing of Gas and Electric Companies with private credit bureaus on April 30,2020. Currently, K-Electric shares the data of industrial and commercial consumers with one of a SBP licensed Private Credit Bureau.
- Reflection of Two Years History in Consumer/Individual Borrowers’ ECIB Reports. This reform swas underteaken to align SBP’s eCIB policies with international practices and to meet the Ease of Doing Business Survey (EODB) requirement of displaying at least two years of history in the eCIB reports. The same will help in the enhancement of the credit assessment capability of the member FIs of their current and potential customers, which will result in the healthy expansion of credit by reducing risks of default and enabling the financial institutions to lend to the new segments of the borrowers.
https://www.sbp.org.pk/cpd/2021/C4.htm
- Reporting of written off/waived off loans and advances of corporate borrowers to ECIB of state bank of pakistan (SBP). This refroms was completed to to align the reflection of written off/waived loans and advances with international practices, it has been decided to reduce the reflection period of written off/waived loans and advances for corporate borrowers in eCIB of SBP from 15 years to 10 years.
https://www.sbp.org.pk/cpd/2020/CL2.htm
- After the operationalization of the E-Registry in April 2020, a total of 135,925 charges are registered so far in the STR.
- Corporate Rehabilitation Act (CRA), 2018 has been passed by the parliament. The CRA provides mechanism for rehabilitation of the distressed companies.
http://www.senate.gov.pk/uploads/documents/1520504452_829.pdf
- The first Corporate Restructuring Company (CRC) in Pakistan has been established duly licensed by The Securities and Exchange Commission of Pakistan under the Corporate Restructuring Companies Act, 2016, has licensed. The CRCs can acquire, buy, hold, manage, restructure and resolve Non-Performing Assets (NPAs) of Financial Institutions and restructure, reorganize, revive and liquidate the commercially or financially distressed companies and their businesses. In order to regulate the transfer and assignment of NPAs from Banks/DFIs to the CRCs, SBP issues minimum guidelines to the regulated entities (Financial Institutions).
https://www.sbp.org.pk/bprd/2020/C3.htm
Presentations and Publications
The presentation is separately attached.
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