LAHORE, March 10: The central bank has constituted a six-member committee to settle the disputes relating to the write-off of irrecoverable loans and advances (under the SBP circular No.29 issued in October 2002) that may arise between the borrowers and the banks/DFIs.

The committee has been constituted for a period of six months, and is chaired by former president of National Bank of Pakistan Inam Elahi.

Other members of the committee include: former EVP of HBL Muhammad Rafique, UBL EVP Najamul Hassan, PICIC SEVP Muhammad Rafiq, FPCCI member Mian Muhammad Usman and Aptma (Punjab) senior vice chairman Adil Mahmood.

The committee would examine and decide the complaints filed by the banks and the borrowers relating to the write-off scheme vide circular No: 29/2002 and other instructions issued in this regard from time to time. The decision of this committee, according to a SBP circular, would be binding on the parties concerned.

The central bank has advised the banks to extend their fullest “support to the committee to ensure early resolution of disputes, and implementation of its decisions in letter and spirit”.