| GEO Business|
| Banks not charging 7.5% markup on loans: Riaz|
| Updated at: 1158 PST, Friday, July 23, 2010|
PESHAWAR: The president Khyber Pakhtoonkhwa Chamber of Commerce (KPCC) Riaz Arshad has said Friday despite the directions from State Bank of Pakistan (SBP), the commercial banks are not charging 7.5 percent markup on loans payable from December 31, 2009.
This he stated at a meeting of KPCC held here. Joint Director SBP Mohammed Ashfaque also attended the meeting.
He said the commercial banks are not even offering refund and adjustment facilities to loan seekers.
On the occasion, SBP’s Joint Director Mohammed Ashfaque issued commercial banks directives of charging 7.5 percent markup from January 01, 2010 on Corporate, SME, Agriculture and Microfinance loans.
This condition should be applicable on loans payable from December 31, 2009, he insisted.