Banks saving jobs during COVID-19.

Byline: MUHAMMAD ALAMGIR KHAN - Islamabad

Employment is one particular area where repercussions are significant with an estimated 18 million people expected to lose their jobs. The State Bank of Pakistan and our financial institutions are playing an instrumental role in making sure that the adverse effects are diluted as much as possible. The payroll financing scheme is one that has been crucial in not just saving thousands of jobs but also making sure that salaries are paid in time.

Many banks including Standard Chartered, JS Bank and Faysal Bank extended payroll financing to organisations which applied for it. JS Bank...