SECP Allows NBFCS to Extend Loans Under Government Schemes
Islamabad: According to news sources, the Securities and Exchange Commission of Pakistan (SECP) has suggested revisions to the Non-Banking Finance Companies (NBFC) for the Kamyab Jawan Programme.
In accordance with the government’s mark-up subsidy programme for low-cost housing, the circular stated that NBFCs can now offer housing loans of up to PKR 2.7 million. Similarly, the NBFCs will enable the Kamyab Pakistan Programme to issue wholesale loans.
According to the provided information, the SECP issued circular number 23 of 2021 in accordance with subsection (3) of section 282B of the Companies Ordinance, 1984, read with regulations I5B and 17(3), as well as regulation 67A of the Non-Banking Finance Companies and Notified Entities Regulations, 2008.
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Similarly, wholesale loans given by commercial banks to NBMFCs for a further loan extension by NBMFCs under the program will not be included in the calculation of NBMFC Aggregate Liabilities under rule 15B (1) of the NBFC Regulations.
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