KARACHI (May 10 2003) : The State Bank of Pakistan on Friday extended the date for mandatory credit ratings for banks and development financial institutions (DFIs).
The State Bank has issued a circular with reference to the Prudential Regulation-XXVI which makes it mandatory for all banks and DFIs to get themselves credit-rated within four months of closing of the financial year.
“In view of representation from financial institutions as well as credit rating agencies, it has been decided, with immediate effect, to increase the time period for the process of credit rating from four months to six months from the date of close of financial year,” said the circular.
The circular further said that the said change has already been incorporated in SBP's draft Prudential Regulations for Corporate and Commercial Banking, which have been circulated for views an comments.
The State Bank has advised to submit the report to State Bank within seven days of the issuance of notification.
