Tuesday, January 19, 2021

State Bank supports SME for setting up business and its growth

Featured

Azerbaijan to start vaccinating citizens from next Monday

The doses of the Chinese anti-corona virus vaccine will be transported first to Turkey, where they will be examined...

Adam Schiff: Donald Trump must be removed

Adam Schiff, Chairman of the Intelligence Committee in the US House of Representatives, affirmed that they continue to defend...

Indonesia proposed a budget of 1.5 billion dollars for Chinese Sinovac vaccine

Indonesia has proposed a budget of 20.9 trillion rupees ($ 1.49 billion) to buy the Coronavirus vaccine from Sinovac,...
Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

To improve awareness about its SME finance policy and refinance schemes, State Bank of Pakistan (SBP) conducted meetings with manufacturers and exporters of cutlery, stainless steel utensils, water pumps and ceramics belonging to SME sector in Gujranwala. Representing SBP, Syed Samar Hasnain, Executive Director, State Bank of Pakistan said that SMEs can avail a number of financial services such as setting up and expansion of their business and working capital finance for specific sectors.

- Advertisement -

“All refinance facilities are available for end users at fixed rate of 6% per annum and that banks are also incentivized to lend to SMEs,” said Hasnain. He elaborated on recent measures including enhancement of maximum loan limit to Rs.1 million from Microfinance Banks, simplification of loan application form and fixation of maximum turn-around-time with the aim to facilitate small and medium enterprises.

Hasnain informed the participants that banks have been advised to promote non-financial advisory services for hand-holding of SMEs. Adding further, he shared that in order to better serve SMEs the National Institute of Banking and Finance, a wholly owned subsidiary of SBP, has trained around 2,500 bankers last year.

Hasnain asserted that SME finance policy along with number of refinance facilities for the SMEs will pave way to enhance current share of SME finance of 8.5% of the total private-sector credit to 17% by 2023. He added that number of borrowers is also expected to rise from current 180,000 to 700,000 by 2023. He informed the participants that to achieve these objectives, banks have been given targets at national and provincial levels. He stressed upon banks and SME associations to create regional and national level awareness campaigns.

- Advertisement -
Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]
- Advertisement -

Latest News

Azerbaijan to start vaccinating citizens from next Monday

The doses of the Chinese anti-corona virus vaccine will be transported first to Turkey, where they will be examined...

As You Likee: Express more, Create more with Likee’s In-App Features

The online short videos platform is rapidly becoming the content production application of choice for hundreds of thousands of Pakistanis to showcase their creativity,...

Adam Schiff: Donald Trump must be removed

Adam Schiff, Chairman of the Intelligence Committee in the US House of Representatives, affirmed that they continue to defend the democracy of the United...

Indonesia proposed a budget of 1.5 billion dollars for Chinese Sinovac vaccine

Indonesia has proposed a budget of 20.9 trillion rupees ($ 1.49 billion) to buy the Coronavirus vaccine from Sinovac, the Indonesian health minister said...

IFN declares SBP as top central bank for promoting Islamic finance

State Bank of Pakistan (SBP) has been voted as the Best Central Bank in promoting Islamic finance for the fourth time by a poll...

Related News