Se­nate passes Credit Bu­reaus (Amend­ment) Bill, 2016

The Pak Banker - - FRONT PAGE -

ISLAMABAD: The Se­nate on Thurs­day passed the Credit Bu­reaus (Amend­ment) Bill, 2016 to en­sure the ex­ist­ing leg­is­la­tion in con­form­ity with the pro­vi­sion of Bank­ing Com­pa­nies Or­di­nance and in­ter­na­tional best prac­tices. Min­is­ter for Law and Jus­tices Zahid Hamid on be­half of Min­is­ter for Fi­nance Mo­ham­mad Ishaq Dar moved the Credit Bu­reaus (Amend­ment) Bill, 2016 in the House as re­ported by the Stand­ing Com­mit­tee.

The State­ment and ob­jects and rea­sons of the bill says that the pur­pose of Credit Bu­reaus (Amend­ment) Bill, 2016 to amend­ments in the Credit Bu­reaus Act, 2015, is to en­sure that the ex­ist­ing leg­is­la­tion is in con­form­ity with the pro­vi­sions of the BCO, 1962, and in­ter­na­tional best prac­tices. The amend­ments in the Act are pro­posed for the fol­low­ing rea­sons: "a) The ex­ist­ing re­quire­ment of credit in­for­ma­tion re­port is­sued by a credit bureau to be ver­i­fied by the State Bank of Pak­istan (SBP), has been omit­ted, as the credit in­for­ma­tion re­port shall in most of the cases be ac­cessed elec­tron­i­cally by fi­nan­cial in­sti­tu­tions that have data shar­ing ar­range­ments with the credit bureau. Tech­ni­cally, it would not be pos­si­ble for SBP to ver­ify re­ports be­ing ac­cessed by in­sti­tu­tions across the coun­try.

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