Regulations Revised by SBP to Promote Finances for Low-cost Housing
State Bank of Pakistan (SBP) regulatory guidelines for microfinance banks (MFBs) have been updated to boost funding for low-cost housing and micro and small companies (MSEs), according to a statement released on Thursday (March 17).
Depending on the circumstances, the updated regulations include risk management to ensure appropriate housing and microenterprise financing, additional standards for property evaluation, and mortgage formation. The adoption of various classification/provisioning and charging standards for each type of non-performing loans was another modification to the laws. In addition, crucial terms have been defined to ensure clarity and effective compliance.
In addition, these changes are likely to reduce the cost of serving low-income borrowers by encouraging them to borrow for MSE and low-cost housing. It is envisaged that this will expand the reach of MFBs to disadvantaged segments of society. It is essential to emphasize the significant role that MFBs play in providing financial services to low-income individuals.
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