Money, Finance and Banking Blog in Pakistan
Posts tagged Collection and Recovery
Banks Not to Report Payment Delay Without Customer Information
Jan 13th
Banks in Pakistan have been directed by State Bank of Pakistan (SBP) to inform customers through written communication before reporting their names for 90 dpd (days past due) to Electronic Credit Information Bureau (eCIB).
Customers will need to be informed by banks at least 15 days in advance before reporting his / her name for payment delay of 90 days. Fifteen days time will allow customer to contact, contest, reconcile or settle his outstanding liabilities with the concerned bank. The letter to customer by the bank will also intimate him of implications of his name being reported to eCIB.
We think that this is More >
Aggrieved Customer Threatens to Sue UBL
Aug 1st
An aggrieved client of the United Bank Ltd (UBL) has threatened to file a suit for damages in the court of law if bank authorities failed to apologise to him for what he called their unprofessional attitude for the last two years. However, the bank denies the charges.
Capt (Retd) Dr Abdur Rahim, Deputy Medical Superintendent Hayatabad Medical Complex, Peshawar, who had applied for a personal loan in the second week of January 2007, said he was not given any loan but the bank was seeking recovery and had even declared him a defaulter. That was evident from the Credit Information More >
Pakistan Government Forced to Roll Over NBP-led Consortium Loan
Jul 30th
The government has decided to roll over a loan of Rs3 billion, taken from the National Bank of Pakistan (NBP)-led consortium.
The loan was taken for Financial Improvement Plan (FIP) of Karachi Electric Supply Company (KESC) whose sell-off process is currently under question, sources in Finance Ministry told Business Recorder.
They said that the Government of Pakistan (GoP) had committed to provide funds amounting to Rs13.698 billion through Public Sector Development Program (PSDP) under FIP; of which Rs 750 million had been estimated to enhance power generation, Rs 8.757 billion for improvement in transmission system, and Rs 4.191 billion for up-gradation of More >
Ban on Auction of Mortgaged Properties Lifted
Jul 30th
The government of Pakistan has decided to lift ban on auction of properties mortgaged by defaulters of the Zarai Taraqiati Bank Limited (ZTBL) and the House Building Finance Corporation Limited (HBFCL).
The decision has been taken in the light of the Supreme Court of Pakistan’s decision of February 11, 2009.
It may be noted that the Minister for Finance, in June 2008, had announced stoppage of auction of mortgaged properties of the defaulters of the Zarai Taraqiati Bank and the House Building Finance Corporation.
However, the Supreme Court of Pakistan, in its decision on February 11, 2009, revived the power of investment banks More >
Non-Performing Loans Feared to Rise in 2009-10
Jul 2nd
The outgoing fiscal year 2008-09 proved critical for banks as their profits and deposits fell, while the bankers and analysts see no chance of recovery of economy and banks profits during the new fiscal since demand is falling and NPLs are rising.
How the next year would be, was not clear to most of the bankers, but they said it could be another year of low demand and poor performance for the banking sector as well as economy.
“Banks will remain under pressure during the new fiscal year as demand is at very low level,” said Aftab Manzoor, President Allied Bank and More >
