State Bank of Pakistan (SBP) Monday announced of raising the profit rate on savings accounts by 1.5 per cent to 7.25pc.
Sharing the details on its Twitter handle, the SBP said that after an increase in the policy rate and as per the regulation for bank customers, the new profit rate would be applicable by December 1 at the latest.
1/3 As a result of the SBP policy rate increase announced on Friday (https://t.co/OrSpAlEEBc) and as per SBP regulation for bank customers, the profit rate on your savings account should rise by 1.5% to a minimum profit rate of 7.25% by 1 Dec 2021 at the latest.
— SBP (@StateBank_Pak) November 22, 2021
” If your bank gives you lesser profit on your savings account, please file a complaint with your bank and if not resolved please contact SBP customer complaints,” it added.
Meanwhile, the central bank also revised the corporate governance regulatory framework (CGRF) which means strengthened the regulatory for Banks and Development finance institutions (DFIs) to meet international standards.
The objective of this revision is to “further strengthen the corporate governance regime of banks and DFIs and to align the same with international standards and best practices”, the statement read.
“The framework covers Fit & Proper Test (FPT) Criteria and other Corporate Governance regulatory requirements for the sponsor shareholders and beneficial owners, members of the Board of Directors, Presidents and CEOs and key executives of banks and DFIs.”
It is pertinent to mention here that it is the first revision in which all the existing regulatory requirements related to corporate governance have been consolidated since the last amendments carried out in 2007.
