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Tag: State Bank of Pakistan

  • SBP issues electronic money license to Careem Pay

    SBP issues electronic money license to Careem Pay

    KARACHI: State Bank of Pakistan (SBP) has granted Careem Pay with an In-Principle-Approval (IPA) for an Electronic Money Institution license (EMI).

    Careem has launched Careem Pay, its fintech affiliate, in Pakistan as an independent entity which plans to invest $50 million to leapfrog the fintech ecosystem in Pakistan. It will be led by Noman Khurshid as its General Manager.

    This paves the way for Careem Pay to bring convenient and accessible financial services to 9+ million Customers, 800,000 Captains and 3000+ merchants both on and beyond the Careem App, subject to SBP final approval.

    Once Careem Pay achieves operational readiness from SBP, it will offer services ranging from bill payments including utilities, government and education fees, peer-to-peer (P2P) transfer and wallet cash-outs.

    READ MORE: Careem signs agreement to provide logistic solution to Unilever

    In subsequent phases and subject to approvals from SBP, Careem Pay aims to provide cards, inward international remittance services as well as services that will enable Customers and merchants to make and accept online or offline payments.

    This adds to the existing services available through Careem Pay which supports payment across all Careem services including ride-hailing and food delivery, as well as P2P credit transfer and mobile top-ups within the app.

    Mudassir Sheikha, CEO and Co-founder of Careem said: “Careem Pay aims to simplify and improve lives by making everyday payments easier and more accessible for our Customers, Captains and merchants.

    “We are thankful to the SBP for trusting us with an IPA for the EMI license which gives us an immense opportunity to empower people by delivering innovative payment experiences. With approximately 30 per cent of the total population and 18 per cent of women banked in Pakistan, we see this as an enormous opportunity to leapfrog cash payments into digital transactions. Chalo ‘Careem Pay’!”

    READ MORE: Careem Pakistan asked to facilitate expatriates availing services in country

    Noman Kurshid, GM Pakistan, Careem Pay added: “Careem is uniquely positioned to tap into the digital financial opportunity in Pakistan. With a massive Customer, Captain and merchant base across the country, conducting high frequency transactions on our platform, we understand the pain points and are well placed to deliver solutions to address them. We are excited to play our role in the digitization of Pakistan’s financial ecosystem and enhancing financial inclusion.”

    Pakistan is bracing itself for a fintech revolution as the fifth most populous country in the world. Safe digital payment providers will be crucial to reducing Pakistan’s high levels of cash circulation which amounts to Rs7 trillion and 85 per cent cash-on-delivery via e-commerce.

    With the significant growth in smartphone penetration in Pakistan, Careem Pay will enable Customers, Captains and merchants to access more simplified and convenient payment services.

  • SBP issues KIBOR rates on March 30, 2022

    SBP issues KIBOR rates on March 30, 2022

    KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as of March 30, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week9.8810.38
    2 – Week10.0710.57
    1 – Month10.9311.43
    3 – Month11.6811.93
    6 – Month12.2612.51
    9 – Month12.2812.78
    1 – Year12.3212.82
    SBP issues KIBOR rates on March 29, 2022
  • Nisab of Zakat fixed at Rs88,927

    Nisab of Zakat fixed at Rs88,927

    KARACHI: The federal government on Wednesday announced an amount of Rs88,927 as deduction of Zakat from bank accounts and deposits on the first day of the holy month of Ramzan.

    According to a notification issued by the Cabinet Secretariat the administrator General Zakat had notified the ‘Nisab of Zakat’ for the Zakat Year 1442-43 AH at Rs88,927.

    No deduction of Zakat at source shall be made, in case the amount standing to the credit of an account in respect of the assets mentioned in column 2 of Serial No. 1 of the first schedule of Zakat and Ushr Ordinance, 1980, is less than Rs88,927 on the first day of Ramzan ul Mubarak 1443 AH.

    First day of Ramzan has already been notified as the deduction date likely to fall on April 3 or 4, 2022 (subject to appearance of the moon) for deduction of Zakat from saving bank accounts, profit and loss sharing accounts and other similar accounts having credit balance of Rs88,927.

    All the Zakat collection controlling agencies have been asked to deduct the Zakat accordingly.

    READ MORE: Nisab of Zakat fixed at Rs80,933

  • Date extended for encashment of bearer prize bonds

    Date extended for encashment of bearer prize bonds

    KARACHI: The federal government has extended the last date for converting or exchanging the bearer prize bonds up to June 30, 2022.

    The last date for encashment of the bearer prize bonds was March 31, 2022, the State Bank of Pakistan (SBP) said on Wednesday.

    Through a circular, the SBP announced the extension in last date for Encashment/Conversion/Redemption of Rs.40,000/-, Rs.25,000/-, Rs.15,000/- and Rs.7500/- Denomination National Prize Bonds Withdrawn from Circulation.

    Earlier, the last date for exchanging the bearer prize bonds was March 31, 2022.

    READ MORE: SBP directs banks to accept bearer prize bonds

    The SBP instructed the banks to accept requests for encashment / conversion / redemption of cited denominations from general public till June 30, 2022.

    “Further, the banks shall submit branch / region wise consolidated data of cited denomination national prize bonds held by them on last date i.e.June 30, 2022 latest by July 04, 2022, as per the instructions stipulated in aforementioned CMD Circulars.

    READ MORE: Prize bond (bearer) holders given 3 months to document

    The finance ministry launched the withdrawal of the unregistered prize bonds in a phased manner. The federal government on June 24, 2019, announced to discontinue the circulation of Rs40,000 denomination national prize bonds. Similarly, on December 10, 2020, the government announced to discontinue the circulation of Rs25,000 denomination prize bonds. In April 2021, the finance ministry announced that national prize bonds of denominations Rs7,500 and Rs15,000 shall not be sold.

    Since June 2019 the government repeatedly extended the date for exchanging the bearer bonds. Previously, the last date for exchanging the unregistered bonds was December 31, 2021.

    READ MORE: History of Prize Bonds in Pakistan

    The government is aiming to document the bearer bonds so the exchanging the unregistered bond with cash has been prohibited. The ministry of finance issued various procedure to convert the bond without exchanging with the cash.

    The bonds can be converted to premium prize bonds (registered) of denomination of Rs25,000 and Rs40,000 (subject to the adjustment of differential amount) through 16 field offices of State Bank of Pakistan (SBP) Banking Services Corporation (BSC), and branches of six commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited, and Bank Alfalah Limited.

    READ MORE: Income tax on prize bonds, lottery winning

    The bonds can be replaced with Special Saving Certificates/Defence Saving Certificates through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks, and the National Savings Center.

    The bonds will only be encashed by transferring the proceeds to the bonds holder’s bank account through the 16 field offices of SBP BSC as well as the authorized commercial bank branches and to the Saving Accounts at National Savings Centers.

  • Customers’ exchange rates on March 30, 2022

    Customers’ exchange rates on March 30, 2022

    KARACHI, March 30, 2022 – The State Bank of Pakistan (SBP) has published the exchange rates for customers on Wednesday, March 30, 2022.

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  • Last date March 31 for exchanging bearer prize bonds

    Last date March 31 for exchanging bearer prize bonds

    KARACHI: The holders of bearer prize bonds can exchange or convert the securities with documented ways by March 31, 2022.

    Through a circular issued by the State Bank of Pakistan (SBP) on December 21, 2021 the date for exchanging the bearer prize bonds with denominations of Rs40,000, Rs25,000, Rs15,000 and Rs7,500 was extended up to March 31, 2022.

    READ MORE: SBP directs banks to accept bearer prize bonds

    Earlier, the last date for exchanging the bearer prize bonds was December 31, 2021.

    The SBP instructed the banks to accept requests for encashment / conversion / redemption of cited denominations from general public till March 31, 2022.

    “Further, the banks shall submit branch / region wise consolidated data of cited denomination national prize bonds held by them on last date i.e. March 31, 2022 latest by April 1, 2022, as per the instructions stipulated in aforementioned CMD Circulars.

    READ MORE: Prize bond (bearer) holders given 3 months to document

    The finance ministry launched the withdrawal of the unregistered prize bonds in a phased manner. The federal government on June 24, 2019, announced to discontinue the circulation of Rs40,000 denomination national prize bonds. Similarly, on December 10, 2020, the government announced to discontinue the circulation of Rs25,000 denomination prize bonds. In April 2021, the finance ministry announced that national prize bonds of denominations Rs7,500 and Rs15,000 shall not be sold.

    Since June 2019 the government repeatedly extended the date for exchanging the bearer bonds. Previously, the last date for exchanging the unregistered bonds was December 31, 2021.

    READ MORE: History of Prize Bonds in Pakistan

    The government is aiming to document the bearer bonds so the exchanging the unregistered bond with cash has been prohibited. The ministry of finance issued various procedure to convert the bond without exchanging with the cash.

    The bonds can be converted to premium prize bonds (registered) of denomination of Rs25,000 and Rs40,000 (subject to the adjustment of differential amount) through 16 field offices of State Bank of Pakistan (SBP) Banking Services Corporation (BSC), and branches of six commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited, and Bank Alfalah Limited.

    READ MORE: Income tax on prize bonds, lottery winning

    The bonds can be replaced with Special Saving Certificates/Defence Saving Certificates through the 16 field offices of SBP Banking Services Corporation, authorized commercial banks, and the National Savings Center.

    The bonds will only be encashed by transferring the proceeds to the bonds holder’s bank account through the 16 field offices of SBP BSC as well as the authorized commercial bank branches and to the Saving Accounts at National Savings Centers.

  • SBP governor visits Central Depository Company

    SBP governor visits Central Depository Company

    KARACHI: Governor State Bank of Pakistan (SBP) Dr. Reza Baqir visited Central Depository Company (CDC) House to mark the successful operationalization of important projects for Pakistan Capital Market, namely Roshan Equity and RAAST for Dividend payments.

    The projects have been implemented in the recent past by the State Bank in collaboration with the Capital Market and commercial banks, according to a statement issued on Tuesday.

    READ MORE: CDC successfully processes dividends through RAAST payment gateway

    It is indeed a moment to celebrate for CDC and the entire Capital Market as the successful roll-outs of these key projects of market development have started yielding promising results besides effecting ease of doing business through innovative solutions, digitization and efficiency of processes.

    Speaking at the occasion Governor State Bank Dr. Reza Baqir, said: “This is an occasion of immense and significant achievement as we gather here to celebrate the successful roll-out of important projects of national interest—including Roshan Equity and RAAST—that have been initiated by the State Bank of Pakistan and very well executed by commercial banks and CDC.

    READ MORE: CDC launches fintech initiative for AMCs

    In all these projects, Central Depository of Pakistan has been playing the important roles of facilitator, infrastructure architect and information sharing hub. This is only the beginning of what our vision is for the development of Pakistan’s Capital market. SBP is committed to work with SECP to support Capital market entities in this regard. Now, we have initiated a new project for the Capital Market pertaining to Shared KYC through which investors can open Capital Market Account through their respective Bank’s portal/app. This project will pave the way for wider outreach for our Capital Market.”

    Badiuddin Akber CEO-CDC thanked SBP and SECP for their continued support and patronage in achieving these milestone in its market transformation journey.

    CDC is already processing thousands of transactions related to Roshan Digital Accounts and RAAST for Stock Exchange, for which CDC acts as the information sharing hub between the banks and capital market entities.

    Now, for the “Shared KYC project”, CDC will again act as the Information Sharing bridge for the digital opening of capital market accounts through banking portals for Local Resident Investors with the objective of removing duplication of information capture and KYC processes, he further said.

    At the start of the ceremony, Moin Fudda Chairman Board of Directors-CDC, welcomed Dr. Baqir and other guests to CDC and highlighted the achievements of SBP under the leadership of Dr. Baqir.

    Furrukh Khan MD-PSX also addressed the ceremony and stressed on the important role of SBP in the development of Pakistan Stock Market.

    Musrat Jabeen Executive Director-SECP focused on the significance of collaboration between SBP and SECP.

    Prominent personalities from the banking sector and Pakistan Capital Market also attended the event.

  • Five-year old enterprise to be treated as start-up

    Five-year old enterprise to be treated as start-up

    KARACHI: The State Bank of Pakistan (SBP) has revised its regulatory framework concerning small and medium enterprises (SMEs), including a significant redefinition of what constitutes a start-up.

    (more…)
  • SBP issues KIBOR rates on March 29, 2022

    SBP issues KIBOR rates on March 29, 2022

    KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as of March 29, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week9.9110.41
    2 – Week10.1010.60
    1 – Month10.9511.45
    3 – Month11.7311.98
    6 – Month12.2612.51
    9 – Month12.2812.78
    1 – Year12.3212.82
    SBP issues KIBOR rates on March 28, 2022
  • Customers’ exchange rates on March 29, 2022

    Customers’ exchange rates on March 29, 2022

    KARACHI, March 29, 2022 – The State Bank of Pakistan (SBP) has provided customers with the exchange rates for Tuesday, March 29, 2022.

    (more…)