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Election 2013: SBP denies declaring candidates as defaultersISLAMABAD: State Bank of Pakistan (SBP) on Friday categorically denied reports published in sections of the press that it had declared certain individuals as defaulters, Geo News reported.
The State Bank spokesman Syed Wasimuddin in a statement pointed out that the Central bank 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 was utilizing a fully automated system already in a department in SBP called electronic Credit Information Bureau (eCIB), said he in the statement.
“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”, the SBP spokesman said.
He added that this system was fully computerized as well as foolproof and no official in the State Bank could alter the data in the system.
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 regarding default related to the unpaid obligations of the borrowers, which were overdue by more than a year and reported as such by the financial institutions to the eCIB, he said further.
In order to ensure absolute impartiality, transparency and unbiased treatment, the SBP followed an objective as well as time-based criteria, which did 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).
Courtesy www.geo.tv