ISLAMABAD: The Securities Exchange Commission of Pakistan (SECP) stated that the non-bank microfinance companies have rescheduled loans of worth Rs36 billion of total 2,244,605 individuals and microenterprises, ARY News reported on Tuesday.
The SECP spokesperson stated in a press release that the loans of a total of 2,244,605 individuals and microenterprises as reported on June 30 under the federal government’s COVID-19 relief fund.
It read that the SECP had relaxed the regulatory requirements for non-bank finance sector allowing them to defer or reschedule the loan repayments of their borrowers during the pandemic.
Out of these, 1,379,330 borrowers were facilitated through deferment of principal repayments of Rs27.778 billion by twelve non-bank microfinance companies, while 865,275 borrowers benefited through rescheduling of loans of 7.998 billion rupees.
The SECP has already extended the time by three months for the companies to accept deferment requests of borrowers till September 30 – 2020.
Earlier, the SECP had urged the companies to adopt a considerate approach to accommodate their borrowers who belong to unprivileged segments of the society. The commission had also allowed the companies to accept borrowers requests made through electronic means or phone calls.
The relaxation of loan repayments is part of SECP’s efforts to provide relief for mitigating adverse effects of COVID-19 pandemic that has resulted in a slowdown in business and livelihood activity.
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