State Bank of Pakistan (SBP) has announced the launch of a portal for Prime Minister Youth Business Loan (PMYBL) Scheme, which will help prevent multiple loan applications.
The SBP has also instructed the Executing Agencies (EA) to disregard any multiple applications received from the same individual which is already being attended by another EA.
The news was delivered by circulation letter from the higher authority members of SBP, issued on Tuesday.
Registered banks working as PMYBL Executing Agencies (EAs) are ordered to submit status reports regarding the loan applications on daily basis from 1st January, 2017.
The reports format is provided to by the SBP authorities to avoid data conflict and misinterpretation. Whereas, the status and position of loans are to be submit monthly and not daily. Seven days time period has been allocated for the monthly loans position data to be submitted.
These restrictions will remain valid for a total of 90 days from acceptance date by the first EA. After the said period, any EA can accept the PMYBL application of the said individual.
No Objection Certificate (NOC) is to be provided to the applicants whose applications have been turned down so they can seek financial help from other EAs.
The data of applicants is updated daily hence it is necessary for the EAs to send reports on daily basis to SBP. The data will then be used and updated on the central portal for the viewing of the applicants and to maintain a proper record.
Data for December is said to be updated on the portal by the end of January 2017’s first week, according to the circular.