LAHORE: NetSol Technologies Ltd, in collaboration with the State Bank of Pakistan and the Pakistan Banks’ Association, has designed and implemented a state of the art electronic Credit Information Bureau (eCIB) for banking sector in Pakistan.
The software, launched by Dr Shamshad Akhtar, Governor State Bank of Pakistan on July 24, is designed to enable the decision makers to make prudent decisions regarding sanctioning of loans and monitoring by the authorities. Naved A. Khan, President Pakistan Banks’ Association was also present on the occasion. In his address, the Governor SBP expressed the hope this system will lay the foundation for our future endeavours and cooperation in a wide range of areas and domains to strengthen our financial system for the ultimate good of our economy and the country.
Salim Ghauri, Chief Executive Officer NetSol Technologies Ltd, while talking to a group of Journalists said the NetSol Technologies is proud of designing software of national importance. He further added that development of a mission critical application for the State Bank of Pakistan is another feather in NetSol’s cap that is already extending its services on a number of projects of national importance.
Mr Ghauri also expressed its gratitude to the Pakistan Banks’ Association for reposing its confidence on the NetSol Technologies Ltd and expressed the hope that implementation of eCIB would make their operations further streamlined.
The eCIB will facilitate the SBP in maintaining historical data for a period of one year to make well-informed decisions. It would also enable the SBP to ensure data gathering, organization and timely dissemination of critical information relating to credit-worthiness of borrowers to assist financial institutions in their lending decisions and forestalling the occurrence of default.
The eCIB also brings Pakistan in the class of those few countries, which are assisting their economies through such state of the art software. It is worth mentioning here that both the NetSol Technologies Ltd and the State Bank Of Pakistan took almost one year to make this facility available to all stakeholders
