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Business & Finance

US regulator finalizes rule barring banks from ignoring specific sectors

The rule, proposed in November by the US Comptroller of the Currency, has been fiercely contested by banks who call it unworkable and political.
It applies to firms over $100 billion in size, and stipulates that banks must show legitimate business reasons for not providing services to certain borrowers.

Reuters 14 Jan 2021

WASHINGTON: A leading US bank regulator finalized a rule Thursday that prohibits large banks from refusing to lend to certain business sectors.

The rule, proposed in November by the US Comptroller of the Currency, has been fiercely contested by banks who call it unworkable and political. It applies to firms over $100 billion in size, and stipulates that banks must show legitimate business reasons for not providing services to certain borrowers.

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B.R.R. Mod. (R) / Jan 20 B.R.R. Guardian Modaraba (R)(BRRR)	3.54 ▲ 2.17 (39.37%)
Dawood Equities / Jan 20 Dawood Equities Limited(DEL)	7.56 ▲ 1.21 (15.24%)
Hala Enterpries / Jan 20 Hala Enterprises Limited(HAEL)	8.60 ▲ 1.30 (13.16%)
B.R.R. Mod. / Jan 20 B.R.R. Guardian Modaraba(BRR)	13.50 ▲ 2.30 (8.00%)
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Shahmurad / Jan 20 Shahmurad Sugar Mills Limited(SHSML)	96.11 ▼ 12.83 (-13.34%)
First Cap. Sec. / Jan 20 First Capital Securities Corporation(FCSC)	1.43 ▼ 0.08 (-13.33%)
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Stock	Volume
TRG Pak. / Jan 20 TRG Pakistan Limited(TRG)	47,593,500 ▼ 12.05
Fauji Foods / Jan 20 Fauji Foods Limited(FFL)	44,616,500 ▼ 1.46
K-Electric Ltd / Jan 20 K-Electric Limited(KEL)	33,013,500 ▼ 0.08
Pakistan Refinery / Jan 20 Pakistan Refinery Limited(PRL)	28,848,000 ▼ 0.87
Hum Network / Jan 20 Hum Network Limited(HUMNL)	23,691,500 ▼ 0.35
Unity Foods / Jan 20 Unity Foods Limited(UNITY)	21,176,131 ▼ 1.18
Jahangir Sid. Co. / Jan 20 Jahangir Siddiqui & Co. Ltd.(JSCL)	20,909,000 ▼ 1.68
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Currency	Rate
USD PKR Interbank Selling / Jan 20	160.55
USD PKR Interbank Buying / Jan 20	160.45
USD to Japanese Yen / Jan 20	103.89
USD to Swiss Franc / Jan 20	0.89
Pound Sterling to USD / Jan 20	1.36
Euro to USD / Jan 20	1.21

Stock	Volume
S&P 500 / Jan 20	3798.91
India Sensex / Jan 20	49398.29
Tokyo Nikkei / Jan 20	28633.46
Nasdaq / Jan 20	13197.18
Hang Seng / Jan 20	29642.28
FTSE 100 / Jan 20	6712.95
Dow Jones / Jan 20	30930.52
Germany DAX 30 / Jan 20	13815.06
France CAC40 / Jan 20	5598.61