KARACHI: State Bank of Pakistan (SBP) today categorically denied reports published in sections of the Press that it has declared certain individuals as defaulters.
State Bank spokesman pointed out that SBP is 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 utilizing 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 State Bank to ensure the correctness and authenticity of data. This system is fully computerized and foolproof and the data in the system cannot be altered by any official in the State Bank.
He said that the contents and format for providing credit information about contesting candidates were finalized 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 is followed and does not warrant exercise of any judgment on part of SBP, the spokesman added.
He said that the State Bank of Pakistan continues to fully support ECP and has so far provided credit information of over 23000 candidates contesting the general election to the Election Commission of Pakistan (ECP).
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