Passage of SBP law to promote industrialisation: SCCI.

PESHAWAR -- Business community has welcomed the passage of State Bank of Pakistan (Amendment) Bill, 2021, by Senate and termed it a milestone achievement and important development for the smaller federating units of the country.

According to a statement issued here on Wednesday, Sarhad Chamber of Commerce and Industry president Mohammad Ishaq told a joint meeting of traders and industrialists that the legislation would rectify unjustified and inequitable credit lending that had been a longstanding demand of the smaller provinces.

Before the passage of the bill, the loan disbursement by commercial banks against deposits from Khyber Pakhtunkhwa and Balochistan was 1.35 per cent only. Now it will increase to about five per cent and promote industrialisation in both the provinces.

Mr Ishaq lauded Senator Mohsin Aziz for presenting the bill in Senate. He said that economic and trade activities would boost in the province after the passage of the bill. He said that the legislation would ensure that the minimum credit of commercial banks to the private sector for establishing industry and initiating commercial activities in smaller provinces was at par with their total deposits.

The SCCI president said that...