KARACHI: The State Bank of Pakistan (SBP) has been empowered to prescribe the amount of paid-up capital as in case of banks, microfinance banks, payment system operators, exchange companies etc, an SBP statement said on Thursday.

Senate Standing Committee on Finance, Economic Affairs, Statistics and Privatisation has approved the Draft Credit Bureaus Act 2015.

The committee recently held a meeting for deliberation on the draft in order to provide for the incorporation, functioning and regulation of credit bureaus in private sector.

SBP Deputy Governor Saeed Ahmed briefed the committee about the contents of the proposed law and submitted comparison of main clauses of ten other countries, as advised earlier by the committee.

“After detailed deliberations, a sunset clause has been inserted in the draft law to oust the eCIB of SBP and Section 33 regarding dispute resolution amended,” said the SBP.

The deputy governor assured the committee that the powers sought in the draft act will be exercised in a highly professional and prudent manner.

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