Islamabad: According to press reports, the Securities and Exchange Commission of Pakistan (SECP) suggested revisions to the Non-Banking Finance Companies (NBFC) for the provision of the Kamyab Jawan Program on Friday (October 29).
According to the circular, the NBFC would now be permitted to provide home loans of up to PKR 2.7 million under the government’s low-cost housing mark-up subsidy plan. Similarly, NBFCs will enable the Kamyab Pakistan Program to issue wholesale loans.
The SECP issued circular number 23 of 2021 under sub-section (3) of section 282B of the Companies Ordinance, 1984, read with rules I5B and 17(3), as well as Regulation 67A of the Non-Banking Finance Companies and Notified Entities Regulations, 2008.
Similarly, wholesale loans made to NBMFCs by commercial banks for the purpose of onward lending by NBMFCs under the programme would not be included in the calculation of NBMFC aggregate liabilities under rule 15B (1) of the NBFC Regulations.