KARACHI; Governor State Bank of Pakistan (SBP), Shahid Kardar, has said that the SBP is monitoring all aspects that encompass credit policies of banks.
He was addressing a one-day conference on 'SME Banking in Pakistan, local trends and role of value added services' organised on Tuesday at SBP in collaboration with the International Finance Corporation (IFC).
"It is our endeavour to promote Small and Medium Size Enterprises in the country," he said.
Kardar said that measures were being taken by the SBP to give more incentives to the common men to attract them for promotion of SMEs which would prove to be the backbone of the economy as had been experienced other southern and eastern Asian states.
He said that IFC was presently playing a key role in this regard and added that 70 percent of the cost has to be sustained by the applicants while rest of the 30 percent will be shared by the creditors.
The SBP Governor said that a number of schemes have been planned for the SMEs and will be introduced in near future through the banking channels.
He said the SBP was taking steps to contain the rate of inflation in collaboration with the Government.
About the written off loans, he said the SBP has proposed to Supreme Court to set up a commission which would look into all cases of bank loan defaulters.
"We are working in coordination with the Supreme Court to look into the cases of loan defaults," he pointed out while talking to the media persons.
He said that the money of the small depositors was in safe hands of the banks and cases of loan default mostly pertain to those were themselves stake holders in the banking sector.
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