12032016Sat
Last update: Sat, 03 Dec 2016 12am

Banking & Finance

Pakistan - Banking & Finance

Auction for PIBs: below-target bids force government not to borrow RIZWAN BHATTIKARACHI: The federal government Wednesday rejected all bids for long-term investment bonds squashing the market anticipation of higher interest rate. Analysts said banks were very cautious in the auction and submitted bids averaging 3-15 basis points higher than the previous auction. "As the received bids were less than the target and the cut-off yield was higher than last auction, the government decided not to borrow through Pakistan Investment Bonds (PIBs) and accordingly all bids were rejected," they added.They said the government has taken a right decision as presently there is no need to change the cut-off yields, which stood at a reasonable level. They said that on Wednesday, most of the bids were submitted with higher margin compared to previous auction and secondly, bids were not meeting the government's tentative borrowing target of Rs 100 billion set for this auction.A few bids of 3-year bonds were submitted at a ...

Pakistan - Banking & Finance

Overall branchless banking reaches Rs486bn in three months ISLAMABAD: Pakistan has made giant strides in development of digital financial inclusion and knowledge economy as total volume of branchless banking reached over Rs. 486 billion during October to December last year.The number of branchless banking transactions also surpassed Rs. 101.6 billion during the same period.A latest report of Pakistan Telecommunication Authority (PTA) mentioning statistics of State Bank of Pakistan on Tuesday said the numbers are testimony of the fact that mobile money has potential ...

Pakistan - Banking & Finance

National Bank of Pakistan and EFU Life join hands for Bancassurance Business ISLAMABAD: National Bank of Pakistan, the largest nation's bank has recently signed a Bancassurance agreement with EFU Life which is one of the country's leading life insurance company.The agreement was signed in a ceremony held at NBP's Head Office to commemorate the partnership in the wake of the expanding market for Bancassurance.The agreement signing ceremony occasion was graced by Mr. Mudassir H. Khan - SEVP/Group Chief, CRBG-NBP and Husein Sachak-Director Bancassurance, EFU Life, said a ...

Pakistan - Banking & Finance

Faysal Bank launches life plus savings account ISLAMABAD: In an effort to serve the senior individual clients Faysal Bank Limited has launched Life plus Savings Account.Faysal Life plus Savings Account is specifically designed to cater to the financial needs of the esteemed senior population of 55 years of age and above.This Product offers higher returns along with easy access to funds as well as security and the opportunity to earn monthly profits, said a statement here on Tuesday.Speaking on the occasion of ...

Pakistan - Banking & Finance

Overall branchless banking reaches Rs 486bn in three months ISLAMABAD: Pakistan has made giant strides in development of digital financial inclusion and knowledge economy as total volume of branchless banking reached over Rs. 486 billion during October to December last year.The number of branchless banking transactions also surpassed Rs. 101.6 billion during the same period.A latest report of Pakistan Telecommunication Authority (PTA) mentioning statistics of State Bank of Pakistan on Tuesday said the numbers are testimony of the fact that mobile money has potential ...

Pakistan - Banking & Finance

Relocation of a few SBP BSC departments aimed at procedural, functional efficiency KARACHI: State Bank of Pakistan (SBP) has already clarified that none of its department is being shifted to Lahore. However, part of few functional departments of its subsidiary responsible to undertake operational work is being relocated to Lahore to meet the oversight and logistic requirements for operational efficiency, said a statement of Central Bank here Friday.The selection of Lahore was purely based on availability of space as none of the other offices, in particular our ...

Pakistan - Banking & Finance

SBP injects Rs1,020.850bn into market KARACHI: State Bank of Pakistan on Friday injected Rs 1,020.850 billion into financial market for seven days through its open market operation (OMO).The rate of return accepted is 5.80 percent per annum, said SBP statement.Copyright APP (Associated Press of Pakistan), 2016 ...