Credit bureaus: SBP prescribes Rs 225m minimum paid-up capital

The State Bank of Pakistan (SBP) has prescribed minimum paid-up capital of credit bureaus in private sector at Rs 225 million. According to SBP announcement, the honorable High Court of Sindh (SHC) in a petition CP No D-250 of 2017, declared the minimum paid-up capital of Rs 250.00 million mentioned in Section 6 of the Credit Bureaus Act, 2015 as ultra vires. The honorable court directed the State Bank to decide upon and declare the minimum paid-up capital required for the purpose of Section 6 through a reasoned order in consistent with the judgment.
In compliance with the direction of the honorable court, the State Bank of Pakistan has issued the requisite order dated May 11, 2018 prescribing the minimum paid-up capital at Rs 225.00 million to be fully subscribed and deposited as paid-up capital of the company.