KARACHI: The State Bank of Pakistan (SBP) has decided to rationalise processing fee for refund requests against the penalties imposed on account of violations recorded in the inspection reports.

According a statement on Monday, the revised processing fee has been set as a lump sum amount of Rs500,000 for banks and DFIs, whereas a flat fee of Rs100,000 is set for microfinance banks (MFBs).

Previously the banks and DFIs were required to pay a fee equivalent to 5pc of the amount contested or a minimum of Rs500,000 whichever was higher as processing fee for the appeal so made and the microfinance banks were required to pay a fee equivalent to 5pc of the amount contested or a minimum of Rs100,000 whichever was higher as processing fee for the appeal so made.

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