Senate passes SBP (Amendment) Bill-2021 with majority vote

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SBP

 

The Senate on Monday passed The State Bank of Pakistan (Amendment) Bill 2022 with a majority vote despite the treasury’s opposition. The bill, tabled by Mohsin Aziz of Pakistan Tehreek-e-Insaf (PTI) was passed through the vote count.

The bill sailed through a majority vote of 26 against 20 while 02 legislators abstained. State Minister of Finance and Revenue opposed the Bill saying let’s not change the law as the constitution not allowed this.

The bill seeks to rectify unjustified and inequitable credit lending that has been the long-standing demand of the smaller provinces. The bill will ensure that the minimum credit/lending of commercial banks to the private sector for establishing industry and commercial activities in smaller provinces is at par with those provinces’ total deposits.