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Pakistan Times Today

Results for “Commercial banks” (4)

Syeda Mubeena Hashmi Posted in Business

Pakistan Moves to Ease Pension Verification Process

ISLAMABAD: The finance ministry has removed commercial banks from the administrative process of verifying pensioners’ proof-of-life certificates, aiming to simplify pension payments. Under revised SOPs, Nadra will electronically transmit digital life signals to the Controller General of Accounts and Military Accountant General through a secure API. Banks will only disburse pensions and will not handle verification or biometric data. Pension accounts will also be exempt from dormancy requirements. Read More…

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Alina Hashmi Posted in Business

SBP-held forex reserves maintain uptrend

The central bank said that its foreign exchange reserves increased by $280 million to $4.6 billion as of the week ended March 17. The net forex reserves held by commercial banks stand at $5,540.5 million, $941.8 million more than the SBP, bringing the total liquid foreign exchange reserves of the country to $10,139.2 million, the statement mentioned. Pakistan received $500 million from the Industrial and Commercial Bank of China (ICBC) which boosted the foreign exchange reserves held by the central bank. Read More…

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