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Pakistan

Web Desk
April 3, 2020

SBP reports increase in bank deposits in March

Pakistan

Web Desk
Fri, Apr 03, 2020

The State Bank of Pakistan reported an increase of Rs311 billion in the bank deposits for the month of March, according to Geo News.

In a statement, the top bank informed about the increase in the deposits, advances and investment in banks during the last months.

The SBP said that in March, the banks paid Rs46 billion in loans, taking the figure to Rs8,259 billion so far.

The central bank stated that the deposits have risen to Rs15,126 billion along with total investments standing at Rs9,296 billion from the banks.

In March, the banks gained investments by 6.55%, with the amount at Rs571 billion.

According to an earlier report,  the SBP said banks and development finance institutions (DFIs) would defer the principal amount on consumer loans for one year to facilitate borrowers in the wake of covid-19.

In wake of the pandemic, the state bank had instructed banks to waive off all charges on online banking channels such as Inter Bank Fund Transfer (IBFT) and SBP’s Real Time Gross Settlement System. People will be able to transfer funds through phones and online.