Please
refer to BPRD Circular Letter No.30 dated
the 8th
July, 1999
through which banks / NBFIs were directed not to provide loans
for establishment of new flour mills.
The Economic Co-ordination Committee (ECC) of the Cabinet
in its meeting held on
18th
March, 2003,
interalia, decided that the commercial banks may allow loans
for establishment of new flour mills on merit and after appropriate
scrutiny. As
the banks are free to determine their own lending policies
duly approved by their Board, the lending decision should
be taken by the banks themselves on merit, after due scrutiny
of each case and within the overall Prudential Regulations
of State Bank of Pakistan.
These
instructions come into effect immediately.
Please acknowledge receipt.
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