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SBP organizes informative session on refinancing schemes for traders

SBP organizes informative session on refinancing schemes for traders

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) president Saboor Malik, has lauded State Bank of Pakistan for organizing an information session on recent loan schemes via video conference. Many members, traders and consumers were missing information of these schemes, and had many questions on their minds.

Hopefully such sessions will be regular. During an informative video session on the SBP’s Temporary Financial Refinance Scheme and Workers’ Salary Payment Scheme, he said that Islamic financing, bank guarantee; application form, term, procedure and role of commercial banks came under discussion and expressed hope that this will help them to get answers to many questions about the schemes scope and diversity.

Saboor Malik said that due to lack of awareness, information could not reach the general public in time. SBP Deputy Director Raheel Zeb Durrani gave a detailed presentation on SBP’s temporary economic refinancing in view of the Corona epidemic and refinancing schemes for workers and staff salaries. On the occasion, Chamber President Saboor Malik, former Presidents Major Amanullah Khan, Dr. Shimail Daudd, Senior Vice President Nosher wan Khalil Khan, Vice President Muhammad Hamza Sarosh and other members of the Chamber participated in the zoom video session.

SBP Deputy Director Raheel Zeb Durrani said that the temporary economic refinancing scheme has been launched in view of the Corona epidemic to facilitate the business community so that they can protect their business in this difficult situation. He said that under this scheme, loan facility is being provided at the rate of 7% for a period of ten years for import of plant and machinery. Which can be paid on a quarterly and six-month basis. The scheme will remain in force till March 31, 2021. Explaining the details of refinancing scheme for workers and staff salaries, he said that this scheme has also been introduced for private sector entities and traders so that they can avail the benefits of this scheme. This will also help them to pay the salaries of the workers in difficult situations.