KASB Bank to remain open: SBP

Published November 17, 2014
— Photo courtesy KASB facebook.
— Photo courtesy KASB facebook.

KARACHI: The State Bank of Pakistan has clarified that offices and branches of the KASB Bank will remain open as per routine because the SBP has not suspended the latter’s operations.

In a press release on Sunday, the SBP said it had already advised the KASB Bank to begin making payments of up to Rs300,000 to its account holders on Monday (today).

Know more: KASB Bank placed under six-month moratorium

Consequently, 92.3 per cent of the bank’s depositors would be able to withdraw their total deposits if they so desired. The rest of them would be able to withdraw up to Rs300,000.

Similarly, the bank’s customers would be free to operate their lockers. And borrowers of the bank would be able to make repayments as per the agreed terms and conditions.

“The SBP would like to reassure the general public that country’s banking sector is stable and strong. All other banks are operating in a normal manner and will continue to serve their customers as usual,” the handout said.

The KASB Bank’s deposits were only 0.7 per cent of the total deposit base of all commercial banks, which stood at over Rs8.7 trillion, it added.

This shows the bank is a very small segment of the country’s banking system, according to the SBP.

Published in Dawn, November 17th, 2014

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Trump’s folly
Updated 13 Feb, 2025

Trump’s folly

This latest pronouncement only reinforces the fears of those who see the plan as a blueprint for ethnic cleansing.
Corruption ranking
13 Feb, 2025

Corruption ranking

IT comes as little surprise. Transparency International’s Corruption Perceptions Index for 2024, unveiled on...
Support from remittances
13 Feb, 2025

Support from remittances

EVEN though workers’ remittances dipped, albeit negligibly, in January on a month-over-month basis, the earnings...
Ill omens
Updated 12 Feb, 2025

Ill omens

One wonders whether institutional leadership realises the long-term ramifications of the ongoing "remaking" of judiciary.
Sunken dreams
12 Feb, 2025

Sunken dreams

ANOTHER tragedy has struck Pakistani migrants seeking a better future. A boat capsizing off the Libyan coast has ...
Hate in India
12 Feb, 2025

Hate in India

HISTORY shows that rulers use hate speech to provoke hate crimes and ‘othering’ among communities. Indian Prime...