LAHORE, Dec 18: The Lahore Chamber of Commerce and Industry (LCCI) and the Bank of Punjab (BOP) have decided to constitute a committee to review the funding policies of the bank and propose restructuring with focus on the SMEs.

A decision to this effect was taken at a meeting between BOP managing director Hamesh Khan and LCCI president Mian Misbahur Rehman, office-bearers and members held here on Saturday.

Mr Khan briefed the LCCI office-bearers about the funding schemes of the bank and sought their proposals for improvements and launching of new products for meeting the financing requirements of trade and industry.

He said the business scenario had changed completely due to the policies of the government. The bank had decided to launch new products in consultation with business community because the policies introduced by the financial institutions unilaterally did not work anymore.

Mr Rehman said the bank should give priority to the small and medium enterprises for funding because of their capacity for maximum employment generation.

He said the bank should also identify the areas ignored for funding in the past and focus on capacity building of the local business for facing the globalization challenge.

He said the economy managers should also find ways and means for corrections of distortions being caused in the consumer, real estate and stock markets by the idle cash available as a result of downward revision of markup rates.