of civil servant of a Ministry, Division, attached department or subordinate office devolved in pursuant to the Constitution (Eighteenth Amendment) Act, 2010 (X of 2010) and working in Fata, Gilgit, Baltistan and AJK shall be dealt with in the manner as may be provided by an order made by the President in this behalf. The NA passed The Credit Bureaus Bill, 2015, moved by Minister of State for Parliamentary Affairs Sheikh Aftab Ahmad. The bill provides for the incorporation and functioning of credit bureaus. The Senate has already passed the bill with amendments. The bill will bring efficiency in banking sector. The Credit Bureaus Bill, 2015 will provide a platform for accuracy in risk production and this would create rapid business benefits including increased array of credit products, improved collection rates, reduced net bad debts and low operating costs.
The Credit Bureau provides information for objective examination of credit standing of the borrowers. In Pakistan, a couple of private credit bureaus started their functions without any legal framework or regulatory requirements. This raised concerns for SBP especially due to sensitivity of banking information being maintained by these bureaus so the proposed law provides comprehensive legal and regulatory framework for incorporation and functioning of credit bureaus in Pakistan.
The law will also provide a platform for accuracy in risk prediction. This would create rapid business benefits including increased array of credit products, improved collection rates, reduced net bad debts and low operating costs.
The strong credit risk management culture would result in healthy growth of credit, reduce risks of default and enable lending to new segments of borrows. These measures would stabilize financial system and contribute to sustainable economic growth in the country.
Replying to calling attention notice of MQM legislators regarding out-break of various disease in flood effected areas, Minister of State for National Health Services, Regulations and Coordination Saira Afzal Tarar told the House that there is no report of out-break of any disease in the flood affected areas. She said some reports of diarrhea and skin diseases have been received but these are not at alarming level. She said a cell working in the Ministry of National Health Services is in contact with NDMA, PDMAs and provincial governments to help the people in need of emergency health services in the flood affected areas. She said three hundred thousand Aqua water tablets have been sent to Chitral. The Minister of State said the medicines and technical assistance have been made available in these areas.