KARACHI, April 29: The State Bank of Pakistan has extended the deadline to submit action plan regarding the minimum capital requirements under Basel-II.

All banks and development finance institutions (DFIs) are required to submit to State Bank an action plan latest by April 30, spelling out the activities and the expected timelines to develop systems for meeting the requirements for advanced approaches.

“On the representation of PBA (Pakistan Banks’ Association), it has been decided to extend the date for submission of the Action Plan till July 31, 2008,” said a circular issued by the SBP here on Tuesday.

However, banks and DFIs are required to ensure that the plans thus submitted are realistic and reasonable from the perspective of their own capacity and regulatory acceptance, it added.