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 BSD Circular No.13
April 24, 2002 


 

The Chief Executive(s),

Micro finance Institutions

Dear Sirs, 

MICRO FINANCE INSTITUTIONS – BRANCH LICENSING POLICY

 

             In terms of Section 8 of the Microfinance Institutions Ordinance, 2001, the Microfinance Institutions (MFIs) may, with the approval of State Bank of Pakistan, open new branches/places of business in the specified areas.  In order to streamline the process of opening / closing of branches by the Microfinance Institutions the State Bank of Pakistan has prepared the attached Branch Licensing Policy. The MFIs shall open/close/shift their branches strictly in accordance with the said branch licensing policy.

 

2.            In terms of the attached Branch Licencing Policy, every Microfinance Institution shall submit to the State Bank an Annual Branch Expansion Plan (ABEP) at least 30 days before the commencement of the year to which the plan pertains. However, the ABEP for the year 2002 may be submitted within one month of the issue of this circular.

 

3.        Please acknowledge receipt.

 

Yours faithfully,
Sd/-
(Jameel Ahmad)
Director

Attachment
Annexure-A
Annexure-B
Annexure-C
Annexure-D

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