KARACHI, Aug 5: A new scheduled bank on Saturday started its operations in the country. “The State Bank of Pakistan is pleased to declare Arif Habib Rupali Bank Limited as a scheduled bank from August 5, 2006,” said a notification issued by the central bank.

In pursuance to amalgamation of Rupali Bank Limited Pakistan operations with and into Arif Habib Rupali Bank Limited, in terms of the scheme of amalgamation sanctioned on July 7, 2006, the State Bank has cancelled the banking license of Rupali Bank Limited Pakistan operations.

“The scheme of amalgamation will become effective from August 5, 2006,” said the SBP notification.