KARACHI: State Bank of Pakistan (SBP) on Friday categorically denied reports published in sections of the Press (not in Business Recorder) that it has declared certain individuals as defaulters. SBP spokesman pointed out that SBP was only collecting, compiling and passing on the information received from the financial institutions about the contesting candidates to the Election Commission of Pakistan (ECP).
In order to provide this information to Election Commission, SBP is utilising a fully automated system already in place in SBP, which is called electronic Credit Information Bureau (eCIB). The system enables the banks to submit credit data of all the borrowers to eCIB electronically without any manual intervention by SBP to ensure the correctness and authenticity of data. This system is fully computerised and foolproof and the data in the system cannot be altered by any official in the SBP.
He said the contents and format for providing credit information about contesting candidates were finalised by the ECP in consultation with SBP. The information about default relates to the unpaid obligations of the borrowers which are overdue by more than a year and are reported as such by the financial institutions to the eCIB.
In order to ensure absolute impartiality, transparency and unbiased treatment, this totally objective time based criteria was followed and did not warrant exercise of any judgement on part of SBP, the spokesman added. He said the SBP continued to fully support ECP and had so far provided credit information of over 23,000 candidates contesting the general election to the ECP.-PR