Staff Reporter
Lahore
Chairman Pakistan Industrial and Traders Association Front (PIAF) Mian Nauman Kabir has asked the central bank to get its policies implemented in true spirit to provide financial support to the trade and industry, as the SBP initiatives are very encouraging but implementation is not up to the mark.
In a joint statement with vice chairman Javed Siddiqi issued here on Wednesday, he said with regards to the ease of doing business, the central bank has taken a number of proactive measures like encouraging banks to facilitate borrowers by offering products as per their needs and demands.
“The business community urges the State Bank to check the performances and customer services of commercial banks, as the central bank is a watchdog on these banks. The banks don’t give loans to SMEs, particularly the women entrepreneurs and common customers, who are treated badly,” Mian Nauman Kabir added.
He suggested the SBP to check the profits of all banks, besides monitoring of loans they disperse among the SMEs, farmers and businesswomen.
“The PIAF has not seen any revolutionary step from the present SBP governor, recommending him to push the commercial banks to pick board of directors also from SME sector instead of taking from big corporate sector.”
“We appreciate the SBP for huge rate cut that helped the federal government borrow at a cheaper cost from banks through the sale of treasury bills and bonds. Interest rate slashing also aims to help the government make large cash transfers to daily-wagers and bear the cost of refinance offered to banks that make subsidized loans to households and businesses.
Mian Nauman said that the best part of such refinancing to banks relates to the subsidized lending to big companies and small and medium enterprises (SMEs) for keeping their employees on payroll amidst the disruption in economic activities, which is really appreciable.
