KARACHI (April 09 2004): The State Bank of Pakistan (SBP) has granted time to banks and development finance institutions (DFIs) who had already established subsidiaries before the issuance of State Bank's related circular.
“Some of the banks/DFIs, which had already established subsidiaries, have approached us requesting for grant of some time for regularisation of the position in accordance with the instructions contained in the circular,” a circular issued by the SBP on Thursday said.
“The matter has been considered and it has been decided to give banks/DFIs a regularisation period up to December 31, 2004 for all those subsidiaries which were established before the issuance of BPD Circular No. 7 dated March 8, 2004,” the circular said. From January 1, 2005, the banks/DFIs will ensure full compliance with the instructions given in the circular with regard to these subsidiaries.