State Bank of Pakistan issued Prudential Regulations for Small & Medium Enterprises in May 2013. In Regulation SME R-7, it was required by all the scheduled/commercial/private banks that they will translate their loan document into Urdu language as well for the ease and benefit of the general public. For the purpose SBP asked and required the task to be completed before September 30, 2013. Now the deadline has passed but still no bank has advertised the Urdu version/availability of the loan related documents to attract the SME customers.
The said regulation and requirement has been flouted and violated by the private banks in a daring way. The concerned department of the SBP has failed to monitor the violations by private banks. The Prime Minister of Pakistan is requested to take immediate stern action against the SBP high ups and the managements of the all private banks for non-compliance of this requirement because the Prime Minister is visualzing a productive and responsible society.
SCHEHR YAR AHMED,
Gujranwala, October 12.