The
Presidents / Chief Executives
All Banks / DFIs / NBFCs / Modarabas,
Dear
Sirs / Madam,
CIB
DATA
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.
|