Widening private sector access to credit: first PSCAC meeting to be held on May 2

The first meeting of the Private Sector Credit Advisory Council (PSCAC) will be held at the Learning Resource Centre, State Bank of Pakistan, here on May 2 under the chairmanship of State Bank of Pakistan Governor Dr Shamshad Akhtar.
At the last National Credit Consultative Council (NCCC) meeting held here on July 4, 2006, it was decided to restructure, and rename, the NCCC as PSCAC to make it more effective and meaningful.
The NCCC was constituted in September 1972 with the mandate to draw up annual credit plan and to ensure optimal utilisation of bank credit through the process of direct credit to various sectors of the economy.
However, following the abolition of the system of credit ceiling and directed credit, the role of NCCC was changed from a regulatory or planning body to consultative/advisory body.
The main objective of PSCAC will be to suggest ways and means to widen private sector's access to credit with a view to promote economic development in the country. PSCAC will also review developments related to credit availability to the private sector and suggest workable proposals to promote sectoral finance on sustainable basis.
It will not only identify impediments in credit availability and disbursement for various purposes, including project finance, working capital finance, infrastructure and housing finance, consumer finance, SME finance, microfinance, trade finance, Islamic finance and other sectors but would also review the proposals of Agricultural Credit Advisory Committee (ACAC) relating to agricultural credit.
The State Bank of Pakistan Governor will be the chairperson of PSCAC while its members will include representatives from banks, private sector, chambers/associations /trade bodies and concerned government ministries/institutions. The forum will meet twice a year, around April and October, as the private sector credit cycle usually begins in September-October and ends in March-April.