1454 Firms Get Soft Loans To Come Out Of Lockdown Crises

Sumaira FH Published September 02, 2020 | 11:49 PM

Around 1454 businesses across the country have so far been able to avail State Bank of Pakistan's (SBP) Risk Sharing Facility (RSF) under Rozgar scheme at low mark-up to get their operations back on track after they suffered lockdown shock when coronavirus epidemic was at its peak

MULTAN, (UrduPoint / Pakistan Point News - 2nd Sep, 2020 ):Around 1454 businesses across the country have so far been able to avail State Bank of Pakistan's (SBP) Risk Sharing Facility (RSF) under Rozgar scheme at low mark-up to get their operations back on track after they suffered lockdown shock when coronavirus epidemic was at its peak.

Nine out of 22 commercial banks were found to be the top responders to the SBP initiative which approved maximum number of requests from businesses seeking loans at a mark up of 3 to 5 per cent only that is payable in two years after six-month grace period.

SBP's RSF initiative is meant to make businesses-in-trouble stand on their own feet and for labour to continue to earn for their families. SBP would provide 60 per cent surety while remaining 40 per cent surety to be provided by the borrowing firm.

According to statistics revealed by official sources, Bank Al Habib was on the top position by approving 239 cases. The figure comes around to 84 per cent of the total requests the bank received till July 10.

JS bank approved 189 cases, around 89 per cent of the total applications it received, Bank Al-Falah approved 165 cases (70 per cent), HBL (141 cases, 85 pc), Askari Bank (127 cases, 75 pc), Habib Metropolitan Bank (104 cases, 65 pc), Faysal Bank (64 cases, 80 pc), Dubai Islamic Bank (53 cases, 63 pc), Bank of Punjab (51 cases, 65 pc), UBL (49 cases, 55 pc), Meezan Bank (48 cases, 51 pc), Samba Bank (34 cases, 92 pc), Soneri Bank (32 cases, 80 pc), NBP (32 cases, 57 pc), MCB bank (29 cases, 54 pc), Alied Bank (28 cases, 57 pc), Al-Baraka Bank (16 cases, 50 pc), MCB Islamic Bank (15 cases, 60 pc), Bank of Khyber (13 cases, 41 pc), First Women Bank (10 cases, 77 pc), Bank Islami (08 cases, 36 pc), and Standard Chartered bank ( 07 cases, 13 pc).

Samba Bank approved comparatively lower number of cases around 34, however, its response to the scheme was on the top as it approved 92 per cent of the total requests it had received till July 10.