RAWALPINDI: The government today [May 19] announced sweeping reforms in the country’s banking system in order to gear it to serve the needs of the less-privileged people. Announcing the reforms on a special radio and television bro­adcast, Dr Mubashir Hasan, said that the reforms would be effected through suitable amendments in the banking control ordinance which will strengthen the control of the State Bank on the management of the commercial banks.

Though the Minister did not say so, his announcement made it clear that the banks will continue to be in the private sector.

The object of the reforms, the Minister said, is to eliminate malpractices, provide greater credit facilities for the small and medium entrepreneurs, and to make the banking facilities available to larger sections of the people on an equitable basis. The Finance Minister said that the State Bank of Pakistan would be empowered under the new regulations, to suspend the Board of Directors of a banking company and appoint administrators during the period of such supersession. … --- Special representative

[Meanwhile, as reported by a staff correspondent from Lahore] The National Awami Party chief, Khan Abdul Wali Khan, said today [May 19] his party could take a decision on the question of joining the Central Cabinet only after it had received clarification from President Bhutto on three basic issues.

Published in Dawn, May 20th, 2022

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