There’s good news for ‘Prime Customers’

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The State Bank of Pakistan (SBP) has allowed the banks and Development Finance Institutions (DFIs) to assign clean credit card and personal loan limits up to a maximum of Rs 5 million with a sub-limit of Rs 2 million on clean personal loans to their “Prime Customers”. The higher clean limits facility has been provided to banks and DFIs with a view to providing flexible treatment to their prime customers. However, aggregate exposure of banks and DFIs in respect of prime customers has been capped at up to 20 percent of the total exposure on account of credit cards and personal loans, said an SBP circular issued to the banks and DFIs on Wednesday. In view of this facility to prime customers, the following paragraph has been added after Paragraph 3 of Regulation R-7 of Prudential Regulations for consumer financing.