Pakistan News

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  • Bank Alfalah declared best bank for 2017

    KARACHI: Bank Alfalah received the Best Bank Award for 2017 for demonstrating “the most significant contribution to national development and the most effective management of its resources, including its employees, clients, franchise community and financials”...

    United Bank received the same award last year...

  • India central bank says linking national ID number to bank accounts mandatory

    MUMBAI: India’s central bank on Saturday dismissed media reports that it was not necessary to link national identity card numbers, known as Aadhar numbers, to bank accounts...

    “The Reserve Bank clarifies that, in applicable cases, linkage of Aadhaar number to bank account is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017,” it said in a statement...

  • Summit Bank eyes Burj Bank for Islamic banking entry

    KARACHI: Summit Bank has received approval from the State Bank of Pakistan (SBP) to conduct due diligence on Burj Bank, it said in a stock exchange filing, in the latest bid for the unlisted lender, which is seeking to boost capital through a stake sale...

    The acquisition of a majority shareholding in Burj Bank would fit the long term strategy of Summit Bank, which is planning to convert its operations to conform to Islamic principles...

  • Withholding tax slows down bank deposit growth: State Bank

    KARACHI: Withholding tax (WHT) on financial transactions is acting against the goal of achieving financial depth, a State Bank of Pakistan’s (SBP) report said on Friday, highlighting that for the first time since 2009-10 the monetary expansion came more from currency in circulation than the bank deposit growth...

    The campaign could not sustain despite the fact that the business community, particularly retailers and medium-sized...

  • Bahrain's Bank Alkhair gets nod to sell stake in Pakistan's Burj Bank

    Bahrain-based Bank Alkhair said on Wednesday it had received approval from the State Bank of Pakistan to sell its stake in Pakistan's Burj Bank to a subsidiary of Bahrain's Al Baraka Banking Group...

    Al Baraka, one of the Gulf's top Islamic banks, had said in September that its Pakistani unit, Al Baraka Pakistan, would merge with Burj Bank to create an institution with assets totalling more than $1...

  • Pindi’s Bank Road revamped as food street

    RAWALPINDI: As the sun began to set over the garrison city, Bank Road in Saddar came alive with the sound of music and the delicious smells wafting from the various food stalls...

    The Bank Road was declared a walking street last week, with the completion of the Saddar food street project...

  • Belt and Road Initiative can lift 32m out of poverty: World Bank

    WASHINGTON: China’s massive Belt and Road infrastructure drive could speed up economic development and reduce poverty for dozens of developing countries, the World Bank said on Tuesday in a new report that called for deep policy reforms and more transparency for the initiative...

    The long-delayed report said that the Belt and Road — a string of ports, railways, roads and bridges and other investments connecting China to Europe via...

  • World Bank to lend $407m for 48km ‘road to nowhere’

    ISLAMABAD: The government on Friday signed $407 million loan agreement with the World Bank for the construction of a 48-km long-road project — Khyber Pass Economic Corridor (KPEC) — from Peshawar to Torkham...

    The road will promote economic development and uplift areas adjoining expressway in the Pakhtunkhwa province, it added...

  • Karachi costliest, Lahore cheapest city: State Bank of Pakistan

    KARACHI: Dispelling the impression that Islamabad is Pakistan’s costliest city, Karachi has emerged as the most expensive metropolis in the country while Lahore is the least expensive...

    According to State Bank’s Inflation Monitor, June 2016, inflation in Karachi – once known as a poor man’s city – has been at its highest level during the year, leaving the capital city of Islamabad way behind...

  • Bank shooting claims three lives, wounds four in Lahore

    LAHORE: Three people were killed and four others injured on Thursday when a man opened indiscriminate fire inside the branch of a local bank in Lahore’s Iqbal town area...

    Superintendent of Police (SP) Iqbal Town area Muhammad Iqbal told Dawn that an operation manager, another staff member and a security guard deployed at the bank were killed in the shooting...

  • State Bank explains relocating of some functions to Lahore

    KARACHI: The State Bank of Pakistan (SBP) explained once again on Friday why some of its SBP Banking Services Corporation (SBP-BSC) functions have been shifted to Lahore...

    Earlier, the move was criticised by a Sindh minister who said the central bank was being gradually shifted to Lahore...

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