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KARACHI, Dec 14: The State Bank on Wednesday announced the release of fourth installment of mark-up rate subsidy on business loans for the period of six months ending Dec 31, 2011 under the Prime Minister's Fiscal Relief Package to rehabilitate the economic life in Khyber Pakhtunkhwa, Fata and Pata.
It said the duly completed claims may be submitted by banks at SBP-BSC (Bank), Peshawar, for reimbursement of mark-up rate subsidy for the period from July 1 to Dec 31, 2011 on prescribed claim forms, separately for textile sector and other eligible sectors.These claims can be submitted during Jan 1 to 31, 2012.
The SBP has informed all banks and development finance institutions, including microfinance banks, that as per modus operandi of above subsidy scheme, the rate of mark-up differential for 4th installment, for six months ending on Dec 31, 2011, has been worked out at 6.02 per cent per annum.
Accordingly, banks and DFIs may calculate the amount of mark-up rate differential on outstanding business loans of above areas, on the basis of 6.02 per cent and keeping in view the terms and conditions contained in above scheme.
However, MFBs may calculate mark-up rate differential to the extent of 22.5 per cent per annum, said a SBP circular.
