State Bank released Corona relief package
The specification package will help households and institutions deal with financial issues.
Balochistan24 web desk:
KARACHI: State Bank in collaboration with Pakistan Banks Association has released a special corona relief package.The specification package will help households and institutions deal with financial issues. Under the package, the capital conservation buffer has been reduced from 2.50 percent to 1.50 percent. Banks will be able to lend an additional Rs 800 billion.
The regulatory limit for SMEs loans has been increased from 12.5 billion to 18 billion.Individual borrower’s term was extended for one year; the ratio of personal loan burden was increased from 50 to 60%. Increasing the debt burden ratio could benefit 23 million people. Banks and financial institutions will finalize loans for one year.
According to the package, the loan applicant will have to submit the loan by 30 June 20. Over the next year, the actual payment will be around Rs. Loan rescheduling restructuring rules have been relaxed by March 31, 2021.
The State Bank issued special directives to the presidents of all banks, saying it should open 50% branches in all banks and financial institutions in the country, all across the country.
