No stability without financial inclusion: SBP

 

KARACHI: Tariq Bajwa, President of the National Bank of Pakistan (SBP), has said that, They strongly emphasize on increase strength of account holders to 50 per cent of the total adult population by 2020

On the occasion of celebrating the 71th Independence Day at the SBP headquarters, Bajwa said that financial participation for financial stability and economic development is very important. In order to achieve these goals, the National Financial Inclusion Strategy was started in 2015.

Governor hopes Asan mobile account and branch banking business is expected to help increase financial participation..

Bajwa said the expansion of the banking industry’s assets was impressive due to strong growth in the private sector. However, he emphasized the need to increase banking products for all economic levels, particularly small and medium enterprises, agricultural and economically deported social segments.

The governor said, “SMEs is one of the priority areas in which they play an important role in any economy, but they are largely ignoring.”

He said that the SBP recently started a policy to promote SME funding and hopefully it would increase the bank debt to SMEs.

Bajwa said that like other developing countries, Pakistan is facing shortage of 10 million homes.

On July 18, the National Bank announced a residential policy to promote low cost housing finance, with consulting all relevant stakeholders.

Another source of housing finance is Pakistan leader referencing company (PRRC), which provides housing finance loan to banks. The government (National Bank of Pakistan and the Finance Ministry) is 49 per cent, while private sector banks have participated 51% in the PMRC.

The SBP governor believes that the support of the next government will continue to increase the journey of improving economic situation.

“National Bank will provide full support to the new elected government in its field,” he said.

Members of the SBP expressed satisfaction that Pakistan has achieved all aspects, including the establishment of economic development. He further added that the National Bank of Pakistan has fulfilled its responsibility as the regulator of the National Financial System. However, they acknowledge that there are many challenges in the economy.

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