12082016Thu
Last update: Thu, 08 Dec 2016 05am

Banking & Finance

Pakistan - Banking & Finance

Following India, senator calls for banning Rs1,000, Rs5,000 notes in Pakistan Following the footsteps of Indian Prime Minister Narendra Modi, Pakistan People’s Party (PPP) Senator Osman Saifullah Khan on Thursday submitted a resolution in the upper house of the Parliament, calling to withdraw Rs1,000 and Rs5,000 rupee notes from circulation.The high denomination notes raise the possibility of money laundering and corruption in the country, opined Saifullah Khan while addressing the Senate’s standing committee on finance.“The house urges the government to take steps to withdraw from circulation as legal tender the high denomination Rs5,000 and Rs1,000 notes so as to reduce illicit money flows, encourage the use of bank accounts and reduce the size of undocumented economy,” reads the resolution, reported local media.On Tuesday, Indian Prime Minister Narendra Modi announced that 500 and 1,000 rupee notes would be withdrawn from circulation from midnight in a bid to tackle corruption."To break the grip of corruption and black money, we have decided that the ...

Pakistan - Banking & Finance

NPL’s jump by Rs 25 billion RIZWAN BHATTIKARACHI: Non-Performing Loans (NPLs) of the banking industry posted a phenomenal increase of over Rs 25 billion during the first nine months (January-September) of this calendar year (CY16). Bankers said the massive surge in NPLs is not a good sign for the industry and banks should take certain measures to arrest the increasing trend. "We believe that higher NPLs are also posing some new challenges of credit risk to the highly profitable sector of ...

Pakistan - Banking & Finance

SBP sets up data portal for youth loan RIZWAN BHATTIKARACHI: The State Bank of Pakistan (SBP) has announced setting up of a central portal for Prime Minister Youth Business Loan (PMYBL) Scheme data reporting to prevent multiple loan applications. The SBP has also directed the Executing Agencies (EAs) not to accept PMYBL application of an individual if a similar financing request of the said individual is already under approval process with another EA.According to IH&SMEFD Circular Letter No 08 of 2016 issued Tuesday, ...

Pakistan - Banking & Finance

WB to provide technical assistance for developing tariff policy ISLAMABAD: World Bank has agreed to provide technical assistance to Pakistan for the development of a new tariff policy structure.A high level World Bank delegation led by its Country Director Patchamuthu Illangovan and Senior Director, Trade and Competitiveness Ms Anabel Gonzalez here on Tuesday met Minister for Commerce Engineer Khuram Dastgir Khan.During the meeting it was decided that the new tariff policy proposal would be developed by the Ministry of Commerce and all technical assistance ...

Pakistan - Banking & Finance

CDNS collects Rs76bn by Oct 31 ISLAMABAD: The Central Directorate of National Savings (CDNS) collected Rs 76 billion in first quarter of current fiscal year from July, 01 to October,31 2016-17.The target for the year 2016-17 was set at Rs 228 billion as the Directorate was able to achieve the target of Rs 218 billion for the previous fiscal year, a senior CDNS official said here on Tuesday.The Central Directorate of National Savings (CDNS) has notified upward revision in the profit ...

Pakistan - Banking & Finance

SBP launches 'CAF' for banks self-assessment RIZWAN BHATTIKARACHI: The State Bank of Pakistan (SBP) on Friday introduced a Conduct Assessment Framework (CAF) for self-assessment by banks. The SBP has advised all Banks and Microfinance Banks (MFBs) to adopt the CAF from 1st January 2017 and undertake its assessment as of 31st December on an annual basis.According to BC&CPD circular No 3 2016 issued on November 4, 2016, previously, all banks were advised to develop and implement their own Fair Treatment of ...

Pakistan - Banking & Finance

Summit Bank offers interest-free loans to students of DPA facing financial difficulties KARACHI: The Summit Bank would offer interest-free loans to those students of Karachi University's Department of Public Administration (DPA) who are facing financial difficulties.This was pointed out at a `Job Fair' organized at the Karachi University Campus, an official said on Friday.The Dean Faculty of Management and Administrative Sciences KU, Prof. Dr. Khalid Iraqi said that students and youth are a great asset to any nation and they are the nation builders.He was of the ...