SBP Revises Banking Timings from July 13, Marks these New Timings

by Feature Writer - July 9, 2020July 9, 20200

State Bank of Pakistan (SBP) on Thursday revised timings for banks and microfinance banks to be observed from July 13, 2020.The central bank said that effective from July 13, 2020, the banks/MFBs shall observe the following office timings till further orders.However, banks/MFBs may prescribe business hours for branches as per

SBP Cuts Markup Rate on Refinance Schemes to 5% to Bolster Investment

by Feature Writer - July 8, 2020July 8, 20200

The State Bank of Pakistan (SBP) has announced a 5% cut in the markup rate on its refinance schemes in a bid to bolster investment in an economy dented by the coronavirus pandemic.In a press release issued Wednesday by its External Relations Department, the central bank explained that the development came

SBP Extends Deadline of Loan Deferment Facility Till September 30

by Feature Writer - July 8, 2020July 8, 20200

The State Bank of Pakistan (SBP) said Tuesday it will extend the deadline of the one-year moratorium on loan repayment for consumers, small and medium businesses, till September 30.“Considering the fact that COVID-19 pandemic is continuing to stress the cash flow of small and medium sized businesses and households, SBP

SBP Extends Employment Support Scheme for Three Months

by Feature Writer - June 30, 2020June 30, 20200

State Bank of Pakistan (SBP) has extended the Rozgar scheme for another three months and, in collaboration with the Government of Pakistan, has increased the risk coverage for SMEs under the scheme.Soon after the outbreak of Covid-19 pandemic, SBP took a number of steps to provide economic support to businesses

Bank Holiday Announced on July 01

by Feature Writer - June 29, 2020June 29, 20200

The State Bank of Pakistan (SBP) will remain closed for public dealing on Wednesday, July 1, 2020, which will be observed as ‘Bank Holiday’ enabling the bank to close its accounts, the central bank said in a statement on Monday.All employees of the Bank will attend to their official assignments

SBP Enhances Credit Card Limits Under Consumer Financing

by Feature Writer - June 29, 2020June 30, 20200

tate Bank of Pakistan (SBP) on Monday enhanced credit card limit by amending regulations related to consumer financing.The SBP said that It had decided to revise the regulatory limits prescribed in the Para 1 and 2 of the Regulation R-8 of Prudential Regulations for Consumer Financing as under:-REGULATION R-8MAXIMUM CLEAN

SBP Cuts Policy Rate by 100 Basis Points to Bring Interest Rate to 7%

by Feature Writer - June 25, 2020June 25, 20200

The State Bank of Pakistan announced it had slashed the policy rate by 100 basis points to bring the interest rate to 7%.According to a tweet by the SBP's official Twitter account, the decision had been taken by the Monetary Policy Committee that met today under the chairmanship of Governor,

SBP Suspends Service Charges to Facilitate Banks

by Feature Writer - June 17, 2020June 17, 20200

The State Bank of Pakistan (SBP) on Wednesday announced temporary suspension of 0.12 percent service charges levied on banks against deposit of re-issuable balance.Through FD Circular No. 03/2015, dated August 26, 2015, 0.12 percent service charges have been levied on the banks against deposit of re-issuable balances with SBP BSC

All Banks To Test All Suspected Bankers for Coronavirus: SBP

by Feature Writer - June 8, 2020June 8, 20200

State Bank of Pakistan has directed commercial banks to test all employees suspected of contracting COVID-19 to present the image of a socially responsible institution.In light of the emerging situation i.e. rapid spread of COVID-19 in the country, the central bank has issued fresh instructions to commercial banks to enforce

Rs61bn Approved, 600,000 Jobs Saved Under SBP Rozgar Scheme

by Feature Writer - May 19, 2020May 19, 20200

About Rs61 billion has been approved for businesses that have applied to commercial banks to benefit from the State Bank of Pakistan (SBP) Refinance Scheme to Support Employment and Prevent Layoff of Workers (Rozgar Scheme).As per the central bank, the approved amount will help in protecting some 600,000 jobs, while