07012016Fri
Last update: Fri, 01 Jul 2016 05am

Banking & Finance

Pakistan - Banking & Finance

Pak Post collected Rs187,083.68mn through saving bank in 2014-15 ISLAMABAD: Pakistan Post has collected Rs. 187.083.68 million through its different schemes offered for general public under Saving Bank.The department has collected Rs. 157.699.11 million through saving accounts services while Rs. 29.384.505 million under saving certificates, official sources told APP.They said Pak Post is offering services of Saving Bank Ordinary Accounts, Special Savings Accounts, Defence Savings Certificates, Special Saving Certificates and Regular Income Certificates.They informed that Rs. 8,647.899 million were collected under Saving Bank Ordinary Accounts, Rs. 1363.868 million under Army Saving Bank Accounts, Rs. 190.348 million Pakistan Air Force Saving Bank Accounts and Rs. 141.737 million Navy Saving Bank Accounts.While in saving certificates, Rs. 26.276.14 million were collected under Defence Savings Certificates, Rs. 1,103.635 million under Special Saving Certificates and Rs. 2.005.021 million under Regular Income Certificates.They stated that Pakistan Post is doing Saving Bank work as an Agent of Ministry of Finance on commission under Saving Bank Act, ...

Pakistan - Banking & Finance

Saudi Arabia; largest source of remittances with over $4.83bn ISLAMABAD: The country has received valuable remittances amounting to over $4.83 billion during July-April 2015-16 through workforce in Saudi Arabia, the country which is contributing a major share of remittances.According to an official of Ministry of Overseas Pakistanis and Human Resource Development, the country received the inflows worth $3.54 billion from the United Arab Emirates (UAE), registering a largest increase from any major remittance-sending country during the last nine months.Remittances from the Gulf Cooperation Council ...

Pakistan - Banking & Finance

NIT announces interim result for fiscal year 2016c KARACHI: The National Investment Trust (NIT) has declared interim distribution for all funds under its management for the year ending June 30, 2016. A statement here on Wednesday said that the announcements were made after its Board of Directors approved the interim distribution for all Funds under its management. It was further stated that NIT is presently managing nine Funds with assets under management of around Rs. 90 billion as on June 14, 2016.NI(U)T Fund:The ...

Pakistan - Banking & Finance

Cabinet approves budget LAHORE: The Punjab cabinet approved the provincial budget for fiscal year 2016-17 on Monday.The cabinet meeting was held at 90 Shahra-e-Quaid-i-Azam here, chaired by Punjab Chief Minister Muhammad Shehbaz Sharif while provincial ministers including Ayesha Ghaus Pasha, Rana Sanaullah, Zaeem Qadri, Rana Mashood, Zakia Shahnawaz and Hameeda Waheed-ud-Din attended it.Special prayer for early recovery of Prime Minister Muhammad Nawaz Sharif was offered in the meeting.Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

Workers' remittances rise to US $17.8 billion in the first eleven months of FY16: SBP ISLAMABAD: Overseas Pakistani workers remitted US $ 17841.63 million in the first eleven months (July to May) of FY16, showing a growth of 5.6% compared with US $ 16898.32 million received during the same period in the preceding year.According to a statement of the Central Bank issued on Friday said that during May 2016, the inflow of worker's remittances amounted to US $ 1799.39 million, which is 8.6% more than April 2016 and 8.2% higher ...

Pakistan - Banking & Finance

SBP injects Rs 1357.5 bn into market KARACHI: State Bank of Pakistan (SBP) on Friday injected Rs 1357.5 billion into money market for seven days through its open market operation (OMO).The rate of return accepted is 5.79 percent per annum, said SBP statement.Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

Pakistan’s first mobile based credit account launched Pakistan’s first mobile-based credit account service has been launched by Telenor EasyPasia, which offers term deposit plus running finance service.According to local media reports, the EasyPaisa deposit product offers a 10 percent return on savings with a monthly profit payout; which are being considered some of the best terms available in the traditional banking sector. “With our pioneering digital products suite, we have paid special attention to the needs of our customers by expanding the ...