Banks asked to ap­proach SBP for un­paid claims

The Pak Banker - - Company & Boss News -

KARACHI: The State Bank has ad­vised com­mer­cial banks and Devel­op­ment Fi­nan­cial In­sti­tu­tions (DFIs) to ap­proach re­spec­tive of­fices of the SBP Bank­ing Ser­vices Cor­po­ra­tion for pro­cess­ing of pend­ing claims with re­spect to Ex­port Fi­nance Mark-up Rate Fa­cil­ity and Mark-up Rate Sup­port for Tex­tile Sec­tor against the long-terms loans.

Ac­cord­ing to a cir­cu­lar is­sued by the SBP on Wed­nes­day, the Min­istry of Tex­tile In­dus­try has re­leased nec­es­sary bud­getary al­lo­ca­tion for 2010-11 fis­cal year to re­im­burse up-to 32 per cent out of 40 per cent un-paid claims un­der the Ex­port Fi­nance Mark-up Rate Fa­cil­ity and pend­ing claims un­der both the Schemes for the pe­riod from 01-09-2009 to 28-02-2010. The cir­cu­lar said the re­main­ing eight per cent of the Ex­port Fi­nance Mark up Rate Fa­cil­ity, for the pe­riod 01-09-2009 to 28-02-2010, will be re­leased on re­ceipt of nec­es­sary bud­getary al­lo­ca­tion and in­struc­tions from Min­istry of Tex­tile In­dus­try and Min­istry of Fi­nance. Dur­ing FY 2009-10, of­fices of SBP-BSC (Bank) have re­im­bursed 100 per cent Mark up Rate Sup­port against Long Term Loans; and 60 per cent Ex­port Fi­nance Mark-up Rate Fa­cil­ity, for six months pe­riod from 01-09-2009 to 2802-2010.

How­ever, a few claims were pend­ing with the of­fices of SBP-BSC due to non-fulfillment of cer­tain terms and con­di­tions of the Schemes or other omis­sions and er­rors made by the banks, DFIs and bor­row­ers.

Fol­low­ing the re­lease of bud­getary al­lo­ca­tion, Banks and DFIs have been ad­vised to ap­proach re­spec­tive of­fices of SBP-BSC within 20 work­ing days with the req­ui­site in­for­ma­tion and to rec­tify omis­sions or er­rors to en­able them to process the pend­ing claims for above six months pe­riod. -PB News

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