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

Opinion

Collective agency
07 Mar 2021

Collective agency

Sustaining the Indian farmers’ protest is strategic organisation.

Editorial

A celebration of women
Updated 08 Mar 2021

A celebration of women

WE now know that the pandemic is no ‘great equaliser’. The repercussions of the contagion on livelihoods, mental...
08 Mar 2021

Loss-making SOEs

THE government has chosen 84 out of a total of 212 state-owned enterprises for privatisation, liquidation or...
08 Mar 2021

Breast cancer awareness

CONSIDER the implications of the following statistic: no less than 70pc of Pakistani women suffering from breast...
After the vote
Updated 07 Mar 2021

After the vote

PRIME MINISTER Imran Khan may have received the vote of confidence but it does not resolve the major issues that the...
07 Mar 2021

Wasted food

THE number is mind-boggling. According to the UN Environment Programme’s Food Waste Index, over 900 million tonnes...
07 Mar 2021

Covid-19 spike

FEARS about a spike in Covid-19 cases in the country turned real this week as coronavirus infections,...