050520

STATE BANK OF PAKISTAN - BANKING SUPERVISION DEPARTMENT

BSD Circular Letter No. 05 of 2005
May 20, 2005 

The Presidents / Chief Executives
All Banks / DFIs / NBFCs / Modarabas,

Dear Sirs / Madam, 

     Please refer to BSD Circular No.8 dated 6th September, 2003 on the captioned subject.
2. In terms of Para 3 of the above-referred Circular, the banks/DFIs/ NBFCs are required to report in writing to CIB subsequent clearance of overdues / defaults within three working days from the date of such repayment/ settlement. It has been decided, on the request of Pakistan Banks Association (PBA), to extend the said period of three (3) working days to ten (10) days to facilitate the reporting by various branches, throughout the country, to their respective Head Offices. Accordingly, the banks/DFIs/NFBCs/ Modarabas are advised to ensure that the subsequent clearance of overdues / defaults is reported to the CIB of State Bank at the earliest but not later than 10 days from the date of such repayment / settlement by the borrower.

3) Other instructions on the subject shall, however, remain unchanged.
Please acknowledge receipt.

Yours faithfully,
Sd/-
(JAMEEL AHMAD)
Director