Regulatory Alerts2023-03-13
Added · Updated
Circular No. 5 of 2023 – Requirements for NBFCs relating to digital lending
Non-Banking Finance Companies (NBFCs) are directed to abstain from engaging in app integration, sub-letting, or collaboration with any digital lending application not approved by the Securities and Exchange Commission of Pakistan under Circular 15 of 2022. NBFCs must also implement measures to educate customers about the risks and illegality associated with unauthorized lending apps. This directive takes immediate effect, with non-compliance subject to penal provisions under section 282J of the Companies Ordinance, 1984.
Topics
Share