By Staff Reporter
ISLAMABAD: The National Assembly’s Standing Committee on Finance directed the State Bank of Pakistan (SBP) on Thursday to provide details, including the names and amount, of the 600 individuals who were granted a $3 billion loan at zero interest rate.
During the committee proceedings, the members also requested information about the names of the 600 individuals who received the loan at zero interest rate.
The SBP representative explained that commercial banks provided the facility during the pandemic to “experienced individuals”.
He further stated that all details could be provided to the committee during an in-camera meeting.
“Under the Banking Companies Ordinance, credit information is confidential, but the SBP would follow the Finance Committee’s directions,” the SBP official said.
The committee chairman requested that the SBP submit a list of loans and the terms and conditions under which they were provided.
Additionally, the chairman and members of the committee raised concerns about the government’s delay in appointing the president of the National Bank of Pakistan (NBP), the president of Zarai Taraqiati Bank Limited (ZTBL), and members of the Competition Commission of Pakistan (CCP).
In response, the minister explained that the appointment process for the NBP and ZTBL presidents is underway and that the CCP members’ selection committee has been established.
Furthermore, the committee expressed concern about the non-appointment of NBP and ZTBL presidents and CCP members, as there is only one chairperson on the board, and four members have not been appointed.
On the matter of ex-NBP employees’ pensions, a senior NBP bank official informed the committee that a meeting was held with the pensioners’ representatives, and a decision would be made by the bank’s board. The committee chairman noted that this issue has been pending for several years, and the court has ruled in favour of the pensioners.
The Minister of State for Finance, Dr Aisha Ghaus Pasha, stated that pensions and National Saving Schemes (NSS) have been digitalised, and pensioners could receive a chequebook or ATM card.
If they want their profit to be transferred to their pension account, they have to inform the national saving schemes, and they are not required to visit the national saving centre.
Regarding the one-time permission to deposit foreign currency in bank accounts without the source being questioned, the minister informed the committee that the government is not considering such a scheme, as it goes against the International Monetary Fund’s (IMF) strict policy against amnesty schemes.
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