KARACHI: Banks have been advised by the State Bank of Pakistan (SBP) to avoid multiple loan applications for Prime Minister’s Youth Business Loans (PMYBL) and issued fresh directions to deal with this situation.
In order to prevent submission of multiple loan applications by a single applicant or multiple guarantees by a single person, a portal for PMYBL data reporting has been put in place by SBP, in a circular issued to banks on Tuesday.
“Banks working as PMYBL Executing Agencies (EAs) are advised to submit status of loan applications on daily basis with effect from January 01, 2017,” said the SBP.
Executing Agencies (EAs) will not accept for processing PMYBL application of an individual if a similar financing request of said individual is already under approval process with another EA. However, this restriction will remain valid for a period of 90 days from the date of acceptance of the application by the first EA.