SECP provide relief to borrowers of Non-Bank Microfinance Sector : AsiaNet-Pakistan

SECP provide relief to borrowers of Non-Bank Microfinance Sector

June 15, 2020 | General, Official News | Share:

Islamabad, June 15, 2020 (PPI-OT): The SECP’s permission to non-bank microfinance companies (NBMFCs) to reschedule the loan portfolio not only helped NBFCs to adjust their portfolio at risk but also resulted in extending relief to 932,862 individuals and micro-enterprises who have borrowed over 17 billion rupees from non-bank microfinance companies (NBMFCs), as reported on May 31, 2020.

Out of these, 796,893 borrowers were facilitated through deferment of principal repayments of over 13.1 billion rupees by six NBMFCs, while 135,969 borrowers benefited through rescheduling of loans of 3.9 billion rupees by four NBMFCs.

On March 31, 2020, the SECP had relaxed the regulatory requirements for non-bank finance sector allowing them to defer or reschedule the loan repayments to their borrowers. It was part of SECP’s efforts to provide relief for mitigating adverse effects of COVID-19 pandemic and ensuing lockdowns.

The SECP had also urged the NBMFCs to adopt a considerate approach to accommodate the borrowers who belong to either unprivileged or underprivileged segments of the society. The SECP had also allowed NBMFCs to accept borrowers’ requests made through electronic means or phone calls.

For more information, contact:
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +92-51-9214005 or +92-51-9214009 (Ext. 378)
Fax: +92-51-9206459
Cell: +92-302-8552254
E-mail: shakil.chaudhary@secp.gov.pk
Website: www.secp.gov.pk

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Category: General, Official News