ISLAMABAD - The State Bank of Pakistan (SBP) has revised upwardly 100 percent in the paid-up capital requirement of all exchange companies to Rs 200 million from Rs 100 million.
As per circular, Rule No. 3 of F.E. Circular No. 9 of 2002 in terms of which the minimum paid-up capital for new exchange companies would be Rs 100 million which has to be increased to Rs 200 million within three years from the date of incorporation.
It has now been decided that the minimum paid-up capital of all new exchange companies will be Rs 200 million. Further, all existing exchange companies that do not meet the minimum capital requirements must fulfil the same as per the timeline given to them to avoid regulatory action. All other instructions on the subject shall remain unchanged.
Meanwhile: The State Bank of Pakistan has provisionally allocated agricultural credit disbursement target of Rs 360 billion to banks for the year 2013-14.
Against the target of Rs 360 billion, banks have disbursed Rs 118 billion during July-November, 2013 which is 33pc of the target. The disbursement is 11pc higher than Rs 106.6 billion disbursement during the corresponding period last year.
The outstanding portfolio of agri. loans has increased by Rs 37.8 billion i.e. from Rs 229.6 billion to Rs 267.4 billion at end November, 2013 as compared to same period last year.
Five large banks collectively disbursed agri loans of Rs 70.6 billion or 39pc of their annual target, higher by 12pc from Rs 63.2 billion disbursed during the corresponding period last year.
MCB has achieved 48pc of its annual target while NBP, HBL, UBL and ABL have achieved 42pc, 41pc, 31pc and 27pc of their individual targets respectively.
Amongst specialised banks, ZTBL could disburse only Rs 13.6 billion or 20pc against its target of Rs 69.5 billion while PPCBL achieved 19.6pc of its target by disbursing Rs 1.76 billion during the period under review.
Fourteen domestic private banks as a group achieved 31pc of their target, however, the banks including Sindh Bank, Bank of Khyber, Bank Al Habib, Silk Bank, Summit Bank and NIB Bank have achieved 85pc, 59pc, 45pc, 41pc, 41pc and 38pc of their annual targets respectively. Soneri Bank, Bank Alfalah, Faysal, BOP and Askari Bank could achieve only 31pc, 28pc, 24pc, 19pc and 18.6pc of their targets respectively.
Seven Microfinance Banks as a group disbursed agri. loans of Rs 6.6 billion or 34pc of their annual target of Rs 19.6 billion.
The three Islamic Banks collectively disbursed Rs 0.25 billion or 47pc against a target of Rs 0.5 billion under the Islamic modes of financing to agri. borrowers during the review period.