Ready criteria for the selection of an authorized credit institution

The State Fund for Development of Information Technology in the Ministry of Communications and Information Technologies of Azerbaijan presented to the Supervisory Board the primary version of the criteria for the selection of an authorized credit institution.

According to the document, in the selection as an authorized credit organizations can take part , local banks and non-banking credit organizations.

The requirements are as follows: Bank credit institutions must have the license of the Central Bank of Azerbaijan on the implementation of an operation to extend credit. The bank must comply with prudential norms set by the Central Bank of Azerbaijan, to carry out regular activities of credit operations.

Non-bank credit institutions should carry out regular activities of credit operations for the past three years to comply with the prudential rules established by the Central Bank of Azerbaijan for the last 2 years, all reporting quarters to be ready to perform their duties.

Capital of a credit institution shall be at the level of AZN 300,000 and above, the number of members - a minimum of 150 people or more, the number of members with a share of less than 200 manats should not exceed 50 % of the number of members. The Organization shall have no arrears, as well as the ratio of reserve capital to the authorized fund should be more than 0.1. In addition, the organization must have the appropriate computer equipment and other electronic media and related software to design documents and prepare reports, and personnel capable to operate freely relevant agencies and credits, and the prudential regulations must be approved by the Central Bank Azerbaijan.

The members of the Supervisory Board noted that in the near future they will express their opinion on the criteria, the approval of which is provided within 15 days. -17D-