08282016Sun
Last update: Sun, 28 Aug 2016 09pm

Banking & Finance

Pakistan - Banking & Finance

Revision of Branchless Banking Regulations KARACHI: The State Bank of Pakistan (SBP) has revamped Branchless Banking Regulations to keep pace with the international branchless banking practices and to achieve the targets set out in National Financial Inclusion Strategy (NFIS) of Pakistan.A statement here on Wednesday said that this regulatory framework outlines the minimum requirements to be adopted by banks offering branchless banking in the market place.According to revised Regulations, the Board of Directors of banks would be responsible to provide the strategic direction and maintain an oversight while senior management will institute necessary internal controls and ensure adherence to applicable laws and regulations.Scope of alternate delivery channels and technologies has been expanded through revised Regulations to include 3G and 4G spectrum, POS terminals, internet banking and ATM/debit cards etc. for providing branchless banking services.The transaction limits for Level-0 and Level-1 branchless banking accounts have been increased to encourage opening of more branchless banking accounts for ...

Pakistan - Banking & Finance

SBP honors Edhi with special coin The State Bank of Pakistan (SBP) has announced to issue a special coin in a bid to pay tribute to deceased activist Abdul Sattar Edhi on Saturday.The humanitarian who was born to a family of traders in India’s Gujarat, who went out to establish the Edhi Foundation one of world’s largest non-profit social welfare programs, boosting the biggest fleet of ambulances in the country. As per local media reports, “The denomination, shape and other details ...

Pakistan - Banking & Finance

Pak foreign exchange reserves cross dollars 23bn KARACHI: The total liquid foreign reserves held by the country stood at US $23,084.9 million on July 1, 2016.A State Bank of Pakistan statement said on Monday that the foreign reserves held by the State Bank of Pakistan were US $ 18,128.9 million.The net foreign reserves held by commercial banks were US $ 4,956.0 million.The total liquid foreign reserves stood at US $ 23,084.9 million.It was also pointed out that during the week ending July ...

Pakistan - Banking & Finance

CDNS collects Rs.215 billion by June,25 in current fiscal year ISLAMABAD: The Central Directorate of National Savings (CDNS),collected Rs 215 billion against the revised target of Rs 218 billion by June,25, during the current fiscal year (2015- 16).The National Savings has revised the target for year 2015-16 had been set at Rs 218 billion,a Senior official of CDNS told APP on Monday.Likewise, he said during the first three quarter of the current fiscal year, the CDNS collected Rs 166 billion against the proportionate target of ...

Pakistan - Banking & Finance

Federal Ombudsman directs SBP to ensure availability of cash at all ATM ISLAMABAD: Federal Ombudsman of Pakistan Monday directed State Bank of Pakistan (SBP) to ensure availability of cash and security atn all Automated Teller Machines (ATMs)Taking cognizance of the miseries of about thousands of Overseas Pakistanis are visiting their families to celebrate Eid with them and government and private sector employees who are rushing to get the money from ATMs installed by the banks, the Wafaqi Mohtasib has instructed the State Bank of Pakistan to take ...

Pakistan - Banking & Finance

National Bank of Pakistan to ensure pensioners' facilitation KARACHI: All branches of the National Bank of Pakistan (NBP) remained open till 6 pm on Monday to ensure all funds pertaining to pensioners are disbursed effectively before start of Eid ul Fitr holidays.In a statement here the NBP maintained that news regarding shortage of cash at main branches and ATMs were `false' as customers of the bank were able to transact a total of PKR 79.6 crores from NBP's widespread ATM network in the ...

Pakistan - Banking & Finance

FBR rebuts news about inclusion of non-tax revenue in tax collection ISLAMABAD: Federal Board of Revenue (FBR) on Monday strongly denied reports appearing in a section of the press that non-tax revenue has been included in the taxes and duties collected by FBR to overstate the tax collection figure.Through its sustained and untiring efforts the FBR was able to achieve and surpass the revenue targets for the just concluded financial year and the above referred report was an attempt to undermine the efforts of the FBR ...