Eletronic Payment System and Mobile Banking

More than 300 ATMs were installed and dozens of bank branches added to the online branch network in the country in the fourth quarter of FY13. According to Payment Systems Review of 4^th Quarter (April to June) FY13 released by the State Bank of Pakistan, the installation of 308 ATMs brought the total number to 6,757. Altogether, 67 more bank branches were added to the online branch network which makes a total of 10,013 branches that are now offering RTOB services out of 10,581 total bank branches across the country.

The Review said that, compared with the preceding quarter, number of plastic cards (credit cards, debit cards, ATM only cards, smart cards, Islamic credit cards) issued to customers increased by 2.53 percent in the fourth quarter of FY13, thus bringing the total number of plastic cards issued to 22.32 million. In comparison with other plastic cards, ATM Only Cards shown the highest growth rate of about 4.56 percent, which has raised the total number of ATM Only Cards issued so far to 962 thousand, although debit cards have the highest percentage share in overall plastic cards which is more than 90 percent. Transactions through debit cards also increased both in volume and value.

According to the Review, the volume of overall e-banking transactions during the quarter also depicted a growth of 6.42 percent which is equal to 87.49 million transactions. Of all the e-banking transactions, mobile transactions showed the highest percentage increase as compared to the previous quarter of current fiscal year. These transactions increased by 18.05 percent in terms of volume reaching to 1.32 million as compared to 1.12 million in the preceding quarter. The value of mobile transactions again showed the highest percentage increase as compared to the previous quarter as the value increased by 34.35 percent reaching to Rs. 9.9 billion as compared to Rs. 7.3 billion in the preceding quarter.

The Review said that in terms of volume of overall e-banking transactions, ATM transactions have a major share of 63.70 percent and average value per transaction stands at Rs. 10,007. In comparison with the number of transactions reported in the third quarter of the current fiscal year, the overall volume of ATM transactions increased by 8.00 percent and the value increased by 8.02 percent. During the quarter 559 more Point of Sale machines were installed by various banks across the country.

During this quarter, the recorded volume and value of large value payments through RTGS was 134,738 and Rs.41.72 trillion respectively. This showed a 11.02 percent increase in the volume and 5.88 percent in the value as compared to the figures reported in the third quarter of current fiscal year. The major portion for the increased number of overall PRISM transactions in this quarter was contributed by IBFT which increased by 11.49 in volume percent and 23.63 percent in value. Moreover, IBFT has largest share in overall PRISM transactions in terms of volume while securities transactions has highest share in terms of value which are 78.70 percent and 60.33 percent respectively.

SECP starts 73 show-cause proceedings against CEOs, directors and auditors

ISLAMABAD, September 17: As part of its mandate to safeguard the investors’ interest in both listed and unlisted corporate sector, the Enforcement Department  of the SECP in July and August initiated 73 show-cause proceedings against chief executives, directors and auditors in view of the breaches of statutory requirements related to takeover regulations, issuance of auditors’ reports, powers of directors, holding and proceedings of annual general meeting, direction to hold over-due annual general meetings, investment in associated companies and undertakings, reporting of facts, employees’ provident funds, circulation of financial statements, disclosure of directors’ interests, treatment of surplus on revaluation of fixed assets, and security deposits.

Effective corporate governance is bridge between owners, stakeholders

 

KARACHI, September 17: Corporate Governance offers a practical solution to the challenge of a good relationship between owners and other stakeholders which becomes more complex when a business expands.

The corporate governance system puts in place the policies and procedures to manage effective organizational setup that defines roles and responsibilities.

UBL Bank (Tanzania) Limited Inaugurated by H.E Dr. Mohamed Gharib Bilal

The Vice President of Tanzania, His Excellency Dr. Mohamed Gharib Bilal yesterday inaugurated UBL Bank (Tanzania) Limited (UBTL), in an impressive ceremony at the Bank’s premises, located in the heart of the city centre of Dar es Salaam. The launch was attended by a wide cross section of dignitaries & luminaries from different walks of life including HE, the High Commissioner of Pakistan, Mr. Tajammul Altaf, Mr. A Kobello, Director, Bank of Tanzania, diplomats, CEOs, and senior officials of the UBL Group, including Sir Mohammed Anwar Pervez, OBE HPk, Deputy Chairman of the UBL Board of Directors  & Chairman Bestway Group, Mr. Atif R. Bokhari, UBL’s President & Chairman of the Board of  Directors of UBTL, Mr. Zameer Choudrey, CEO Bestway Group & Director United Bank Limited, Mr. Wajahat Husain Head of UBL International & Director UBTL, and Mr. Rayomond Kotwal, UBL CFO & Director UBTL.
Over the last five decades, UBL’s global network has grown to over 1,300 branches, across UAE, Bahrain, Qatar, Yemen, USA and Pakistan.

SECP revising NBF sector regulatory framework

ISLAMABAD, September 9: Keeping in view the inherent risks in the present composition of the financial sector, the Securities and Exchange Commission of Pakistan (SECP) is the process of revising the NBF sector to reform the entire financial sector.

Mr. Imtiaz Haider, the SECP Commissioner for Specialized Companies Division, has said that the roadmap was rolled out in the form of a report in March 2013. In the said report, the SECP suggested to develop an alternative financial system by way of promoting non-bank financial (NBF) sector to diversify the inherent systemic risk and provide different asset classes to promote savings as well as meet the specific needs of participants. Other recommendations included some macro-level suggestions regarding taxation regime, encouraging long-term savings and channeling these savings to under-served segments.

SECP registered 275 new companies during August

SECP registered 275 new companies and licensed 3 nonprofits in August

ISLAMABAD, September 6: The Securities and Exchange Commission of Pakistan (SECP) registered 275 new limited liability companies in August, bringing the total corporate portfolio to 62,258 companies.

In the corresponding month, last year, 274 companies were registered. In addition to the companies registered, the SECP issued licenses to 3 non-profit associations under Section 42 of the 1984 Companies Ordinance. 

WITHDRAW IMPOSITION OF ‘CAPACITY TAX’ ON THE BEVERAGE INDUSTRY

CCP RECOMMENDS TO GOVERNMENT TO WITHDRAW IMPOSITION OF ‘CAPACITY TAX’ ON THE BEVERAGE INDUSTRY

ISLAMABAD, 04 SEPTEMBER 2013: The Competition Commission of Pakistan (CCP) has issued a Policy Note to the government recommending it to withdraw the imposition of ‘capacity tax’ on the beverage industry.

Soon after Dr. Joseph Wilson taking charge as Acting Chairman, the CCP became functional again and took notice of various news items raising concerns by the beverage industry on the imposition of Federal Excise Duty (FED) and Sales Tax, vide notification SRO No. 649(I)/2013 dated 9th July, 2013 on production/installed capacity instead of actual sales. 

Strategic Investors of TSML Appreciate NBP Efforts

Strategic Investors of TSML Appreciate NBP Efforts

KOREAN DELEGATION FROM AL-TUWARQI GROUP OF SAUDI ARABIA AND POSCO STEEL OF KOREA VISITED NBP HEAD OFFICE

Karachi: “At one stage the future of TSML was in doldrums but project was completed in time and commenced operation in January this year. This would have not been possible without the active support of National Bank of Pakistan. Now we are in the process of expanding our operations and one such project is use of local iron ore, for which testing has started today”, these were the opening remarks of Mr Zaigham Adil Rizvi, Country Head and Director projects Tuwairqi Steel Mills Limited (TSML) when has visited NBP Head Office along with his Korean joint venture partners, POSCO.