0
KARACHI, Nov 6: Banks and Development Finance Institutions (DFIs) can now also accept a copy of financial statements audited by a practicing cost and management accountant in case of lending to a borrower that is not a public company or a subsidiary of a public company.
Earlier, they were supposed to obtain a copy of financial statements of such borrowers duly audited by a chartered accountant only.
The amendment in the rules that the State Bank notified to banks and DFIs on Saturday will apply on prudential regulations for corporate and commercial banking and the ones for the small and medium enterprises.
