A joint meeting between commercial bankers and top representatives of the private sector has suggested wide-ranging amendments to the draft of prudential regulations for small- and medium-size enterprises (SMEs) issued by the State Bank of Pakistan (SBP).
Dr Mirza Ikhtiar Baig chairman of the FPCCI Standing Committee on Banking chaired the meeting held in June under the auspices of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). The meeting approved the amendments, which were forwarded to the SBP for incorporation in the final draft of the prudential regulations.
Sources said the meeting recommended that the initial financing limits should be increased to Rs2.5 million, which the draft prudential regulation 4 puts at Rs1 million, and the 'Exposure Limit' proposed by draft regulation 7 should be increased from Rs0.5 million to Rs2.5 million keeping in view the rising cost of business.
