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Defaulted loans settlement: SBP dismayed over attitude of banks, DFIs

KARACHI (April 23 2003) : The State Bank of Pakistan has expressed dismay over the attitude of banks and development finance institutions (DFIs) in that they are not attending borrowers' requests who are interested to settle their defaulted loans under the SBP Scheme.

“We have received complaints from various quarters that banks and DFIs have not been issuing any acknowledgement to the requests submitted by the borrowers who intend to settle their liabilities under the scheme notified by the concerned banks/DFI in the light of guidelines issued by the SBP,” said a circular issued by the central bank on Tuesday.

The SBP observed that some of the banks and DFIs have not informed their eligible borrowers about the Scheme and the opportunity available to them for settlement of their defaulted loans under SBP guidelines.

The State Bank has advised the banks and DFIs to ensure that requests received from the borrowers for settlement of their defaulted loans under the scheme are invariably acknowledged.

It further said that all eligible borrowers should be informed about the scheme and the opportunity available to them for settlement of their defaulted loans.

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