Banks and development finance institutions asked for report on loan write-offs

KARACHI (January 18 2003) : The State Bank of Pakistan on Friday asked all banks and development finance institutions (DFIs) to submit reports regarding the implementation status of SBP guidelines on write-off of irrecoverable loans and advances.

The SBP had issued detailed guidelines on write-offs of irrecoverable loans in the mid-October 2002.

All banks and DFIs were advised to submit, on monthly basis, the status of cases being settled under the guidelines of Banking Policy Department as per the pro forma.

The central bank had asked for three categories of information regarding the write-offs, and provide a pro forma to all banks and DFIs.

The SBP asked information regarding the cases received and outstanding amount, cases settled and outstanding amount involved, recoveries and down payment made and cases not yet settled and the outstanding amount.

“The first status report for the month ended on December 31, 2002, should be furnished by January 25, 2003, positively and thereafter within 7 days of the end of reporting month till the expiry of the scheme,” said the SBP circular issued on Friday.

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