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SBP devised procedures to open bank account without visiting bank branch

SBP devised procedures to open bank account without visiting bank branch

After the great success of the Roshan Digital Account framework, the State Bank of Pakistan (SBP) has now issued a ‘Customers’ Digital Onboarding Framework’ to remotely open bank accounts of resident Pakistanis by using websites,…

FINANCE
Prize Bonds last date to encash for denominations of 15000 40000 and 25000

Prize Bonds last date to encash for denominations of 15000 40000 and 25000

Prize Bond last date to encash for denominations of 15000 40000 and 25000 The last date to exchange or encash the unregistered of bearer prize bonds with denominations of Rs40,000, Rs25,000, and Rs15,000 is September…

FINANCE
Micro finance pioneer Dr Muhammad Amjad Saqib wins Asia’s ‘Nobel Prize’

Micro finance pioneer Dr Muhammad Amjad Saqib wins Asia’s ‘Nobel Prize’

Pakistan’s micro finance pioneer Dr Muhammad Amjad Saqib, known for his interest- and collateral-free microfinance programme in Pakistan. That has helped millions of needy families to meet their needs in shape of small loans. Dr…

FINANCE
Instructions of State Bank regarding Cost of using Digital Fund Transfer Services

Instructions of State Bank regarding Cost of using Digital Fund Transfer Services

The State Bank of Pakistan on 16th June 2021 issued circular PSD Circular No. 02 of 2021 whereby SBP allowed banks and other service providers to charge a minimal fee on ‘digital fund transfers’ transactions above…

FINANCE
SBP launches digital cheques clearing and unified QR Code System

SBP launches digital cheques clearing and unified QR Code System

Governor State Bank of Pakistan, Dr. Reza Baqir, announced two new initiatives to facilitate the introduction of digital financial products and services by financial institutions which will benefit to the society. These initiatives includes the…

FINANCE
Pakistan’s current account ends FY21 in deficit

Pakistan’s current account ends FY21 in deficit

Pakistan’s current account balance reached at a deficit of $1.85 billion in fiscal year 2020-21. Due to jump in imports on account of rise in crude oil prices and vaccine arrivals. Current Account deficit Despite…

FINANCE
Govt launching Kamyab Pakistan program for small business loans

Govt launching Kamyab Pakistan program for small business loans

The government has decided to launch the “Kamyab Pakistan” program on July 29. It is an initiative that offers a multiple opportunities which includes loans for small businesses, farmers, households, health cards, and technical training…

FINANCE
Auto Financing by banks hit an all-time high

Auto Financing by banks hit an all-time high

Auto financing by banks hit an all-time high of Rs297.5 billion in Pakistan. As consumers’ hunger for owning a vehicle increased apparently due to availability of the financing. Auto financing in Pakistan is available at…

FINANCE
FATF retains Pakistan on grey list

FATF retains Pakistan on grey list

Anti-money laundering watchdog also gives another six-point action plan to Islamabad. The Financial Action Task Force (FATF) has retained to Pakistan on its grey list while admitting that the Pakistan has fully implemented 26 out…

FINANCE
Banks Allowed to charge fees for Inter Bank digital transfers

Banks Allowed to charge fees for Inter Bank digital transfers

The State Bank of Pakistan has allowed banks to charge fees for digital transfers of more than Rs 25,000. It will no longer be possible to send money from one bank to another without paying…

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