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Banks to Remain Open Over Weekend for Hajj 2025 Applications

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Hajj 2025: Latest update on Pakistan flights; Check here

Hajj 2025: Banks in Pakistan to remain open on Saturday and Sunday. SBP instructs designated banks to open branches on November 30 and December 1, 2024. As many as 15 designated banks will keep their concerned branches open from 9:00 a.m. to 2:30 p.m. KARACHI: To facilitate aspiring pilgrims, the State Bank of Pakistan (SBP), … Read more

Banks start receiving applications for Hajj 2025

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Hajj application deadline extended, lucky draw postponed

ISLAMABAD: Banks across Pakistan started receiving Hajj applications has started by those intending to embark on the annual pilgrimage for 2025.

15 designated banks of the country have started accepting Hajj applications from today.

According to the Hajj policy, the Hajj applicant has to deposit Rs 200,000 along with the application, while the second installment is received after the draw.

Under the policy, the remaining Hajj dues must be paid between 1st and 10th February.

It should be noted that this year Pakistan has got a Hajj quota of 179,210 pilgrims and half of the quota of 79,600 people will be divided equally between the public and private sectors.

Federal cabinet had approved the Hajj policy last week, in which it was stated that the official Hajj package would be between 1.065 million to 1.075 million.

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SBP launches customer complaint service portal ‘Sunwai’

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SBP
  • ‘Sunwai’ serves as one-window operation for customers.
  • Customers can lodge their complaints related to any product.
  • The each complaint is assigned a unique tracking number.

KARACHI: The State Bank of Pakistan (SBP) has launched a customer complaint service portal and app ’Sunwai’.

‘Sunwai’ serves as a one-window operation for banking customers to register their complaints against Banks, Microfinance Banks (MFBs), and Development Financial Institutions (DFIs) operating in Pakistan.

Now, customers can lodge their complaints related to any banking product or service, including Roshan Digital Accounts (RDA) through Sunwai for their timely resolution.

Sunwai’ is accessible through web browser as well as through mobile application, both at Android and iOS. Registered users can lodge complaints at their convenience in either English or Urdu languages.

Each complaint is assigned a unique tracking number which is communicated to users via SMS and email.

Banks have been advised to ensure prompt and fair resolution of complaints well within turnaround times (TATs) as prescribed by SBP.

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Deposit Protection Corporation issues annual report for FY2022-23

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DPC
  • Report emphasizes commitment to safeguarding depositors’ funds.
  • The report provides insights into DPC’s performance during the year.
  • DPC provides protection to more than 98% of total 73m depositors.

KARACHI: The Deposit Protection Corporation (DPC), a subsidiary of the State Bank of Pakistan, has released its third Annual Report for the year 2022-23 to enhance awareness among bank depositors and the general public regarding the protection of deposits of its member banks.

The Annual Report emphasizes DPC’s unwavering commitment to safeguarding depositors’ funds, strengthening financial stability, and continually enhancing the horizon of deposit protection.

The report provides insights into DPC’s performance during the year and disclosure of its financial performance. It delves into DPC’s plans and strategic initiatives underscoring the organization’s commitment to strengthen deposit protection.

The coverage and scope of DPC’s deposit protection have been portrayed through statistics and graphical presentations in the report reflecting a clear picture of the Corporation’s safety net.

It reports that DPC provides deposit protection to more than 98 percent of the total 73 million depositors of scheduled banks in Pakistan.

The report also focuses on public awareness with the tagline “Know the deposit protection”. To ensure ease of understanding, frequently asked questions regarding deposit protection have been illustrated pictorially in this segment.

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President for measures to ensure financial inclusion of women

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President
  • He said  more steps needed to promote gender equality.
  • Alvi said jobs for people with disabilities could be tailored in banks.
  • He expressed concern over rising incidents of banking fraud.

KARACHI: President Dr Arif Alvi stressed the banking institutions of the country to take measures to further increase the financial inclusion of women as well as ensure gender equality in the banking sector.

Besides the provision of easy and accessible financial services to women and differently-abled persons, he emphasized that the banking sector should also focus on providing more employment opportunities and financing facilities as well as providing on-the-job training to them.

President expressed these views while chairing a meeting with representatives of various banks held here at Sindh Governor House to review progress on initiatives aimed at financial inclusion of women and differently-abled persons as well as progress on the measures to ensure employment and financial opportunities for them. The review meeting was attended by senior officials of the State Bank of Pakistan and Chief Executive Officers of different commercial banks.

Terming meaningful participation of women in economic activities as vital for the progress and prosperity of the country, the President said that it was encouraging to see that the share of female account holders and their share in banking sector jobs has witnessed a surge in previous years.

He added that more steps were needed to be taken to promote gender equality and inclusion of women and persons with disabilities in the banking sector and other economic activities.

President said that the jobs for people with disabilities could be tailored in the banking sector and the process of opening bank accounts should be further simplified.

The President, while referring to the fast-paced growth of digital technologies across the world, said that the banking industry in Pakistan has to keep pace with the changing circumstances by using the latest IT tools.

He expressed concern over the rising incidents of banking fraud and emphasised the need to improve the safety mechanisms of banks to effectively protect the interests of banking customers.

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Chris Brown regrets losing Grammys, apologizes to Robert Glasper

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Chris Brown Robert Glasper

Chris Brown regrets losing Grammys & apologizes to Robert Glasper. Brown staged a multi-slide temper tantrum on his Instagram Story. Chris Brown is letting everyone know that he apologized to Robert Glasper. Chris Brown is letting everyone know that he apologized to Robert Glasper for being a sour loser and that he reached out to … Read more

Unisame slams banks denial to return dollars to accountholders

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Unisame dollars

KARACHI: The Union of Small and Medium Enterprises (Unisame) has invited the attention of the State Bank of Pakistan (SBP) towards the commercial banks, which are not returning dollars deposited in the foreign currency accounts, causing hardships to the customers, a statement said on Wednesday. The depositors have kept the dollars in their saving accounts … Read more

Bitcoin Inches up Above Psychological Threshold of $20,000

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Bitcoin

The cost of a bitcoin crept above $20,000 on Sunday after the more extensive crypto selloff hauled it underneath the critical mental edge a day sooner. At certain focuses during Saturday, it was underneath $18,000. Bitcoin was $20,129.70 starting around Sunday evening. On Saturday, bitcoin had plunged as much as 9.7% to under $18,600. On … Read more

Banks can play a critical role in poverty alleviation

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poverty

Banks may be able to play a critical role in poverty alleviation. It can happen by sustaining the expanding trends of digital banking and access to banking for the poor. Financial experts from the banking and technology sectors presented these perspectives. By sustaining the expanding trends of digital banking and access to banking for the … Read more

China’s Covid app limits citizens following banking protests

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banking protests

Authorities in China’s Henan province are accused of restricting the use of coronavirus by residents after banking protests. Some say they have been forced to quarantine, close public transport or enter buildings. According to the Chinese press, many are like the customers of rural banks who are struggling to secure cash. Banks shut down deposits, sparking outrage last month. Since then, Chinese banking and insurance authorities have ordered the bank to investigate. Read more: China … Read more

ECB to graph course of improvement, setting stage for rate climbs

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ECB

The European Central Bank will sign a line of rate climbs to battle flooding expansion, leaving markets just to figure the size and speed of strategy fixing. The ECB has proactively hailed a progression of moves, expecting to prevent fast cost development from forming into a hard-to-break wage-cost twisting. ECB top notch climb in more … Read more

Banks are making huge cash off of Russian debts

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Russian

USA banks have left Russia, yet that doesn’t convey that they’re done making money off the Kremlin’s horrific conquering of Ukraine. The pay-off of Russian dues associated with Russian President Vladimir Putin’s campaign on Ukraine and the sanctions that result has generated a window for a new type of arbitrage that some in the finance world are devouring … Read more

Invasion of Ukraine threatens to scramble ECB’s plans

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european central bank

FRANKFURT: Russia’s invasion of Ukraine and spiralling energy prices have upended the economic outlook and left European Central Bank policymakers with the task of navigating the eurozone through a fresh crisis at their meeting on Thursday. The bank had been poised to take another step towards the ‘normalisation’ of its monetary policy, by ending its … Read more

SBP increases agriculture credit limits for agri financing

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agri financing

KARACHI: The State Bank of Pakistan (SBP) has enhanced the indicative credit limits for agriculture financing by banks to farmers to align the amount of financing with agriculture input requirements, a statement said on Wednesday. The enhanced indicative credit limits for production and development loans of farm and non-farm sector will directly benefit agriculture borrowers, … Read more

SBP imposes penalty of Rs523 million on banks in H1 FY22

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SBP

KARACHI: The State Bank of Pakistan (SBP) has imposed Rs523 million as monetary penalty on commercial banks for violating regulatory provisions during the first half of fiscal year 2021/22, a statement said. The Central Bank said that it had imposed Rs58 million as penalty on five banks for the quarter ended December 31, 2021. The … Read more

Commercial banks rule the roost

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sbp

KARACHI: Now the government will be forced to go for expensive borrowing from commercial banks for budget financing or any other need as a new controversial law has barred it from obtaining loans from the country’s own central bank. The amendment in the State Bank of Pakistan (SBP) Act, 1956, through the SBP (Amendment) Act, … Read more

China cuts reverse repo rate by 10 basis points to maintain liquidity

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china central bank

BEIJING: China’s central bank on Monday lowered the rate of its 14-day reverse repos by 10 basis points for the first time since June 2020, to maintain stable liquidity in the banking system ahead of the Spring Festival. The People’s Bank of China (PBOC) injected 150 billion yuan ($23.7 billion) worth of reverse repos into … Read more

German bond yields top 0% for first time since May 2019

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german bond

FRANKFURT: Yields for 10-year German bonds passed into positive territory on Wednesday for the first time since May 2019, as surging inflation in the eurozone prompted fears of monetary tightening. At 0715 GMT, Bund yields passed zero briefly to touch 0.001 per cent for the first time since the European Central bank launched a stimulus … Read more

Banks putting spotlight on mid-tiers

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Banks

JS Global Capital: Cascading performance of mid-tier banks and large banks reveals that former set of banks is relatively better placed, owing to higher return on equity (ROE) generation, prevailing since CY18, based on higher deposit growth mix and operational deleveraging; albeit reflecting a divergence in trading multiples with an expanding discount during the same … Read more

Banks’ housing finance sharply rises 85% in 2021

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housing finance

KARACHI: Bank financing for housing and construction sharply increased 85 per cent, or Rs163 billion, to Rs355 billion in the financial year 2021, the State Bank of Pakistan (SBP) reported on Thursday. The total outstanding credit of banks for housing and construction stood at Rs192 billion in the preceding year. Within the housing and construction … Read more

Pakistan’s forex reserves slip to $24.27 billion

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SBP

KARACHI: The liquid foreign exchange reserves of Pakistan have slipped $360 million to $24.273 billion by the week ended December 24, 2021, the central bank reported on Thursday. The foreign exchange reserves of the country stood at $24.633 billion by the week ended December 17, 2021. The official foreign exchange reserves of the State Bank … Read more

Cordoba to acquire 50% stake in CC Retail

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Cordoba

KARACHI: The board of directors of Cordoba Logistics and Ventures Limited (CLVL) has approved to acquire a 50 per cent stake in Children Clothing Retail (Private) Limited, a bourse filing said on Thursday. With an investment of Rs65 million, CC Retail will become a subsidiary of CLVL on the transfer of 50.0002 per cent stakes … Read more

Saudi financial sector well placed to overcome Covid-19 crisis

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Saudi

RIYADH: No Saudi banks were lost during the financial crisis of 2008/9 and the financial sector is again in a strong position as it faces the economic fallout from the Covid-19 pandemic, according to Saudi Central Bank Governor Fahad Almubarak. The central bank, also known as SAMA, has been and continues to be strict in … Read more

Banks receive applications worth Rs200 billion for low-cost housing finance

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KARACHI: The commercial banks have received applications worth Rs200 billion for the low-cost housing financing under Mera Pakistan Mera Ghar (MPMG) Scheme. The State Bank of Pakistan (SBP) said that as per the latest numbers of October 18, 2021, the banks have received applications of more than Rs200 billion. The banks have approved financing of … Read more

Sindh government makes COVID-19 vaccination certificate compulsory

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Sindh government

The Sindh government has suggested making the COVID-19 vaccination certificate compulsory for getting services at banks, post offices, and couriers.

The Sindh government has sent the commendation to the National Command Operation Centre (NCOC) to further constrict the limits to control the COVID-19 spread by accelerating the vaccination process.

The provincial health department marked in its letter to NCOC that the COVID-19 vaccination certificate must be made compulsory for receiving bank services.

All banks and post officers must deliver services only to the vaccinated individuals who have received their National Database and Registration Authority (NADRA) vaccination cards

It has been suggested by the Sindh health department to stop providing services by the said sectors to those who are not possessing the COVID-19 vaccination certificates.

The restaurants and hotels will not deliver meal services and lodging to unvaccinated clients.

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President Alvi urges banks to develop links with varsities for research

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President Israeli Bombardment

KARACHI: President Dr Arif Alvi on Monday advised the banks to develop links with universities for nurturing the trend of conducting research on latest trends and demands of the market. Speaking as the chief guest in the 4th Roundtable conference on Islamic Banking, the president said why there was a need to establish a separate … Read more

Interest-free loans approved for meritorious students

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State Bank of Pakistan

KARACHI: The Apex Committee for Student Loan Scheme having representation from the State Bank of Pakistan, Finance Division and five major banks National Bank of Pakistan (NBP), Habib Bank Limited (HBL), United Bank Limited (UBL), Allied Bank Limited (ABL) and MCB Bank Limited have approved Rs82.6 million as interest-free loans to deserving students for their … Read more

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