KARACHI, July 16: The State Bank has told banks and development finance institutions (DFIs) to submit weekly statements on a revised format from July 23. In a circular issued to all banks and DFIs, the central bank said that they should submit their weekly statements on new format within two working days following each weekend. It said that banks and DFIs shall also submit quarterly position in addition to the weekly statements on the same new format -— if the date of quarter-end differs from the date of weekend.

“However, the quarterly position will be submitted within five working days following the quarter-end.”

The revised format seeks all details about movements in assets and liabilities of banks and DFIs. It also requires them to disclose sector-wise information on advances.

The new format is so designed that the banks and DFIs will have to provide information on all types of assets, liabilities and reserves with weekly changes in sub-groups.

Obtaining of information on banking data on the new format would help the State Bank know more about the banking sector developments and frame policies to effect changes in the same accordingly.

The circular says that late submission of weekly statements would attract penalty under the law.