banks

US regulators warn banks against direct transactions in cryptocurrencies, not a complete banking ban – Trendy Blogger

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US regulators warn banks against direct transactions in cryptocurrencies, not a complete banking ban – Trendy Blogger

The US banking regulator instructed banks in 2022 and 2023 to stop directly participating in cryptocurrencies, but did not order them to stop providing banking services to cryptocurrency companies, according to documents released on Friday. The Federal Deposit Insurance Corporation (FDIC) unveiled supervisory “pause letters” following a lawsuit filed by History Associates Incorporated, a research … Read more

WAPDA expects to study institutional reforms under the World Bank’s IARC project – Trendy Blogger

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WAPDA expects to study institutional reforms under the World Bank’s IARC project – Trendy Blogger

The Water and Power Development Authority (WAPDA) has concluded a Rs1.14 billion contract for Institutional Assessment and Reforms Consulting (IARC) with a group of international and local companies. The consortium includes France-based Ginger Sofrico, Uruguay’s GME, and Pakistan’s Warm Waters Advisory. IARC is a World Bank-funded project with a total value of Rs 1.14 billion. … Read more

FBR has been enabled to link income tax data with banks under the new tax law amendments – Trendy Blogger

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FBR has been enabled to link income tax data with banks under the new tax law amendments – Trendy Blogger

Under the Taxation Laws (Amendment) Bill, 2024, the Federal Board of Revenue (FBR) will now share income tax return data with banks for cross-matching with bank records. This step aims to tighten compliance and reduce tax evasion by implementing restrictions on the economic activities of non-filers. The bill defines two categories: “qualified persons,” who have … Read more

FBR directs banks to remain open on Saturdays for fees and tax collection – Trendy Blogger

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FBR has been enabled to link income tax data with banks under the new tax law amendments – Trendy Blogger

Islamabad: The Federal Board of Revenue (FBR) has instructed Chief Collectors of Customs to coordinate with the State Bank of Pakistan (SBP) and National Bank of Pakistan (NBP) to keep designated bank branches operational on Saturdays. This directive aims to facilitate the collection of duties and taxes and their transfer on the same day to … Read more

Banks are lending Rs 2.2 trillion to avoid additional taxes under the ADR target – Trendy Blogger

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Banks are lending Rs 2.2 trillion to avoid additional taxes under the ADR target – Trendy Blogger

Banks disbursed Rs 2.2 trillion to the non-government sector, including the private sector and NBFCs, during the first five months of FY25, as they aimed to meet their advance-to-deposit ratio (ADR). The goal set by the government. Under the 2024-25 budget, banks that fail to raise the daily access rate to 50% by December 31 … Read more

Report: Pakistani banks lag behind in financial literacy and engagement mechanisms – Trendy Blogger

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Report: Pakistani banks lag behind in financial literacy and engagement mechanisms – Trendy Blogger

Asian banks, including those in Pakistan, must balance financial inclusion goals, consumer empowerment and financial literacy initiatives, according to the latest scorecard issued by Fair Finance Asia (FFA). Titled scorecard Empowering consumers as drivers of sustainability in the financial sector in Asiameasures the policies of 15 banks across Pakistan, Cambodia, Indonesia, the Philippines, and Thailand … Read more

State Bank of Pakistan Governor calls on banks to embrace technology and enhance support for agriculture and small and medium enterprises – Trendy Blogger

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State Bank of Pakistan Governor calls on banks to embrace technology and enhance support for agriculture and small and medium enterprises – Trendy Blogger

Islamabad: State Bank of Pakistan (SBP) Governor Jamil Ahmed called on the country’s financial institutions to embrace innovation and inclusivity to transform Pakistan’s banking sector. Speaking at the 9th Pakistan Banking Awards 2024 in Karachi, Ahmed highlighted the need for financial institutions to focus on improving access to financial services, especially for the agriculture and … Read more

Indian banks are reviewing Adani’s exposure in the wake of US bribery allegations – Trendy Blogger

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Indian banks are reviewing Adani’s exposure in the wake of US bribery allegations – Trendy Blogger

Indian banks are reviewing their exposure to Adani and whether they need to tighten due diligence, eight bankers said on Thursday, after US authorities charged the group’s billionaire founder Gautam Adani over an alleged $265 million bribery scheme. Meanwhile, Adani Group’s listed shares, which at one point saw it lose as much as $34 billion … Read more

15 banks will remain open over the weekend to receive Hajj applications – Trendy Blogger

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15 banks will remain open over the weekend to receive Hajj applications – Trendy Blogger

KarachiTo make it easier for pilgrims to deposit Hajj applications, the State Bank of Pakistan, on Thursday, directed 15 designated banks to keep their respective branches open on Saturdays and Sundays across the country. The deadline for submitting Hajj applications with dues for pilgrims wishing to perform Hajj 2025 is December 3, 2024. A statement … Read more

Report: Pakistani banks charge fees on deposits to avoid government taxes – Trendy Blogger

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Report: Pakistani banks charge fees on deposits to avoid government taxes – Trendy Blogger

Pakistani banks are adding new fees on some savings accounts to discourage deposit inflows, as they seek to boost their loan-to-deposit ratio to avoid a punitive tax from the government. Meezan Bank Limited, the country’s largest bank by profit, said in an email to its customers that it would impose a 5% monthly fee on … Read more