SBP aims to double SME financing to Rs.1100 Billion
Deputy Governor State Bank of Pakistan (SBP), Saleemullah has reaffirmed the central bank’s objective to double the financing of Small and Medium Enterprises (SMEs) to Rs.1100 billion over the next five years under the Vision-2028 and urged the banks to embrace SME finance as a core business line to boost MSME growth.
Editor
Governor SBP inaugurates 1st edition of Pakistan Financial Literacy Week
Governor State Bank of Pakistan (SBP) Jameel Ahmad, said that SBP fully recognizes access to financial services a fundamental right, and SBP’s mission is to empower every citizen by providing them with the tools and knowledge needed to participate fully in the economy.
Adil Aziz
Mobilink Bank and NIBAF’s synergistic initiative to foster Financial Inclusion
Mobilink Bank, Pakistan’s leading digital microfinance institution, partnered with the National Institute of Banking & Finance (NIBAF) to share its vision and practices with the entire banking industry as a result of introducing an innovative product of Commercial Vehicle. The idea behind bringing this product is to nurture entrepreneurship and foster economic growth, generating employment opportunities that contribute substantially to societal development.
CDNS secure Rs.50 Billion investment in Islamic finance bonds
The Central Directorate of National Savings has secured Rs 50 billion in Islamic finance bonds at the end of the second quarter of the current fiscal year 2023–24.
Mehfooz
Mobilink Bank’s loan disbursement to MSMEs to increase by 41%
Mobilink Bank stood out for its commitment to empowering Micro, Small, and Medium Enterprises (MSMEs), constituting a significant 36% of its total loan portfolio and a noteworthy MSME Growth (YoY) of 41% in 2023. The Bank strongly advocates for social mobility, especially in empowering MSMEs and women across remote rural regions, offering tailored financial products and services.
IHC granting to banks stay order on windfall tax till next week
The Islamabad High Court refrained the government from collecting windfall tax from banks till the next hearing.
President Arif Alvi directs Bank to refund Rs 344,600 to fraud victim
President Dr Arif Alvi has upheld the orders of Banking Mohtasib directing Allied Bank Ltd to pay Rs 344,600 to a customer as the amount was fraudulently transferred from his account and the bank had committed maladministration by opening the fund transfer facility without his consent which caused financial loss to the customer.
Mobilink Bank secures Best Bank for Inclusion Award at PBA 2023
Mobilink Bank has won the prestigious title of Best Bank for Inclusion at the Pakistan Banking Awards (PBA) 2023, held at Pearl Continental Hotel, Karachi, November 24.
Banks Pay 40% additional tax on windfall income, profits, and gains during 2021-22 of by Nov 30: FBR
The Federal Board of Revenue has issued a notification for financial institutions to settle the payment of a 40% additional tax on windfall income, profits, and gains for transactions that occurred in 2021 and 2022, as stated by a source on November 22.
Cabinet approves levy of 40 % tax on banks’ windfall profit
The Federal Cabinet in its meeting chaired by Caretaker Prime Minister Anwaar-ul-Haq, accorded approval, upon the recommendation of Federal Board of Revenue, to impose 40 percent tax on windfall profit earned by banks on the foreign exchange transactions during the years 2021 and 2022.