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Loans of Rs61 billion approved under SBP’s rozgar scheme.

Loans of Rs61 billion approved under SBP’s rozgar scheme.

KARACHI: Of the total applications received by commercial banks under State Bank of Pakistan (SBP) rozgar refinance scheme, about Rs61 billion representing 600,000 jobs has already been approved and the rest are in process.

According to SBP, commercial banks have received 1700 application from businesses to get benefit from SBP’s rozgar refinance scheme

Loans of a total of Rs120 billion will be provided which will benefit around 1.1 million employees. Businesses that benefit from this scheme commit to not lay off workers for three months.

It is pertinent to mention here that the State Bank is providing loans of up to Rs500 million on only three percent interest to facilitate businesses in paying salaries to the employees amid coronavirus outbreak in the country.