KARACHI: State Bank has decided to rationalise the processing fee for refund requests against the penalties imposed on account of violations recorded in the inspection reports.
The revised processing fee has been set as a lump- sum amount of Rs 500,000 for banks /DFIs whereas a flat fee of Rs 100,000 for Microfinance Banks (MFBs), said a SBP statement here on Monday.
State Bank Monday issued circulars for banks/DFIs and for Microfinance Banks.
Previously the banks/ DFIs were required to pay a fee equivalent to 5 per cent of the amount contested or a minimum of Rs 500,000 whichever was higher as processing fee for the appeal so made and the microfinance banks were required to pay a fee equivalent to 5% of the amount contested or a minimum of Rs 100,000 whichever was higher as processing fee for the appeal so made.
Moreover, for streamlining the procedure for finalisation of inspection reports and process of appeals against penalties imposed on account of violations recorded in the inspection reports, State Bank of Pakistan issued regulatory instructions through different circulars.
These circulars, inter-alia, laid down following specific requirements: timely submission of information/ evidence/ record in connection with any irregularity/ observation noted in the draft inspection report -- time limitation for refund request against penalties levied on banks/ DFIs and MFBs-- and Revised (upward) processing fee for refund requests.
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