01172017Tue
Last update: Tue, 17 Jan 2017 10pm

Banking & Finance

Pakistan - Banking & Finance

Revenue department recovered Rs103.70mn in November SARGODHA: The District Revenue Department Sargodha recovered Rs 103.70 million during the month of November.This was disclosed in a meeting, chaired by District Coordination Officer (DCO) Danish Afzaal.He said total Rs 0.7 million were recovered from Agriculture Income Tax head, while Rs 2.957 million recoveries were made on account of water taxes.A total Rs 33.758 million were collected from property transfers, Rs 23.46 million on account of Capital Gain Tax while Rs 41.9 million were received from Stamp duty.Additional District Collector (ADC) Muhammad Zulqarnain Langrial, all Assistant Commissioners and Revenue Officers were also present in the meeting.Copyright APP (Associated Press of Pakistan), 2016 ...

Pakistan - Banking & Finance

NIB Bank-MCB Bank merger approved RECORDER REPORTISLAMABAD: The board of directors of MCB Bank on Wednesday approved and recommended the Scheme of amalgamation of NIB Bank with and into MCB by way of amalgamation/merger of NIB with and into MCB through a share swap arrangement, according to a notice sent to Pakistan Stock Exchange (PSX). The board of directors of NIB Bank, in its meeting, also approved the amalgamation of the NIB Bank with and into MCB Bank in accordance ...

Pakistan - Banking & Finance

Banking sector remains sound, stable: SBP      ISLAMABAD: State Bank of Pakistan (SBP)'s Quarterly Performance Review for Q3CY16 Wednesday said banking sector remained sound and stable.  A SBP statement said it has released its Quarterly Performance Review (QPR) of the banking sector for the quarter ended September 30, 2016 (Q3CY16).  The SBP said in terms of the QPR, banking sector has remained in sound and stable state during the reviewed quarter.  The solvency profile of the banking sector has strengthened as Capital Adequacy Ratio (CAR) has improved to 16.8 ...

Pakistan - Banking & Finance

Khushhalibank opens one more Service Centre KARACHI:  A new Khushhali Microfinance Bank (KMBL) Service Center was inaugurated in Matotali near Shujabad, in order to increase KMBL's outreach and facilitation to existing and potential customers in the area, said a statement here Tuesday.  The new Service Center aims to increase KMBL’s outreach and facilitation to customers and potential customers in the area.  With debit credit facility, access to formal financial services including micro credit, savings/deposits and local remittances and for payments, group loans and all kinds of customer support, this new branch ...

Pakistan - Banking & Finance

NBP plans to surpass 1,500 domestic branches and 1,500 ATMs by end 2017 ISLAMABAD: The National Bank of Pakistan (NBP) has planned to surpass the 1,500 domestic branches and 1,500 ATM mark by end of 2017 thus bringing more closer to its customers, Banks sources said. The NBP having 1,409 branches in Pakistan and 25 overseas branches in 18 countries, has the widest network coverage in the country. With the largest rural franchise and presence in all urban commercial centers of the country, National Bank of Pakistan (NBP) is truly everywhere, from the most far out ...

Pakistan - Banking & Finance

RTGS operations: Islamic banking branches allowed direct membership RIZWAN BHATTIKARACHI: The State Bank of Pakistan (SBP) Monday allowed Islamic Banking Branches (IBBs) of the conventional banks direct membership of Real-Time Gross Settlement (RTGS) system aimed at enhancing the outreach of electronic transfer of large value funds. According to PSD Circular No 06 of 2016, issued on December 5, 2015, IBBs can establish a separate Pakistan Real-time Interbank Settlement Mechanism (PRISM) setup for their RTGS operations after meeting the SBP's conditions."In order to improve ...

Pakistan - Banking & Finance

SBP injects Rs670.8bn into market KARACHI: State Bank of Pakistan on Friday injected Rs 670.8 billion into money market for seven days through its open market operation (OMO).The rate of return accepted 5.82 percent per annum, said SBP statement. Copyright APP (Associated Press of Pakistan), 2016   ...