Banking Featured

ISLAMABAD: As the Asia/Pacific Group (APG) on Money Laundering begins ‘mutual evaluation’ to gauge Pakistan’s compliance with global anti-money laundering and counter-terrorism financing standards, the country faces the risk of being grey-listed by the APG due to a very high ratio of nearly 70% non-compliance. The Financial Action Task Force (FATF) has already grey-listed Pakistan […]

Pakistani banks have deployed two-step verification for online payments through credit cards, we have checked. According to sources, banks are in process of deploying systems that will enable credit card users to make online payments only after entering a one-time passwords — to be sent via SMS or Email in real time — for making […]

ISLAMABAD: Pakistan has made giant strides in development of digital financial inclusion and knowledge economy as total volume of branchless banking reached over Rs. 486 billion during October to December last year. The number of branchless banking transactions also surpassed Rs. 101.6 billion during the same period. A latest report of Pakistan Telecommunication Authority (PTA) […]

Life of small and medium size banks in Pakistan is getting tougher, under the rules of minimum rates on interest bearing deposits in days of thinning spreads. The world is moving in a direction, where the mantra of ‘too big to fail’ is losing steam as big banks create systematic risk to economies and can […]

The “Limited Liability Partnership Bill, 2016” has been taken up by the National Assembly Standing Committee on Finance. It was presented in the assembly in the first week of this month.The Limited Liability Partnership (LLP) is the mode of establishing small scale partnerships under a new form of business structure. The new structure will remove […]

IN today’s world, better and stronger economic growth requires quality financial intermediation. And the changing patterns of key productive sectors — agriculture and manufacturing — can be spurred by reorienting banking services in that direction. Unfortunately, the efficiency of the banking sector is far from the desired level in this context. Two things have become […]

KARACHI: Shortage of liquidity forced the State Bank of Pakistan to inject Rs722 billion into the banking system on Friday. Heavy investment by banks in government papers has resulted in a rise in the liquidity gap, and according to a report of the State Bank, government borrowing from scheduled banks is reaching close to a […]

KARACHI: For large value payments, Pakistan Real-time Interbank Settlement Mechanism (PRISM) settled 188,424 transactions through the Real Time Gross Settlement System (RTGS) during the second quarter (Oct-Dec) of this fiscal year, showing a growth of 14 per cent compared to the previous quarter. The value of these transactions was Rs42.4 trillion during Oct-Dec, a quarter-on-quarter […]

KARACHI: The country is facing shortage of over 9 million housing units as formal financial sector caters only up to 2 per cent of all housing transactions, the lowest ratio in region. The State Bank’s Quarterly Housing Finance Review, released on Friday, stated that there was shortage of around 8 million housing units in 2009, […]

KARACHI: In a rapidly evolving international payments arena, Pakistan is also leaping forward as fiscal year 2013-14 registered a robust growth in usage of electronic banking and payments. According to the annual payment system review for 2013-14, issued by the State Bank of Pakistan (SBP) on Monday, country’s electronic and mobile banking witnessed visible progress […]