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MFBs, DFIs directed to provide branch-wise details

MFBs, DFIs directed to provide branch-wise details

KARACHI: State Bank of Pakistan (SBP) has tightened reporting requirement by Microfinance Banks (MFBs) and Development Financial Institutions (DFIs) and now such institutions will provide branch-wise details to the central bank.

In a circular issued on Tuesday, the SBP said that keeping in view the recent development and importance of banking services provided by Microfinance Banks (MFBs) and Development Finance Institutions (DFIs) to their customers, the central bank decided to collect the branch-wise data from these institutions on the format reported by scheduled banks regularly on half-yearly basis.

The data collected from scheduled banks relates to advances, deposits, investments, bills, debit to deposits, assets liabilities and deposits products on half yearly basis under the directives issued on May 10th, 2010.

All MFB’s and DFI’s are now advised to submit the following statements containing branch-wise data for end June and end December within the given timelines.