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SBP enhances refinance limits under its Rozgar Scheme


Syed Umarullah HussainiWeb Editor

11th May, 2020. 04:39 pm
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State Bank of Pakistan (SBP) has enhanced refinance limits under its Rozgar Scheme to finance up to 100% of wages/salaries of businesses with average 3month wage bill of up to Rs500mn for onward payments for April, May and June, 2020.

In its latest press release, mentioned on twitter handle, SBP) has enhanced refinance limits under its Rozgar Scheme to finance up to 100% of wages/salaries of businesses with average 3month wage bill of up to Rs500mn for onward payments for April, May and June, 2020.

SBP said:

For businesses with 3-month wage bill exceeding Rs500 million, SBP will now finance up to 75% with maximum financing of Rs1 billion.

SBP further noted:

Businesses that had earlier availed lower financing due to applicable limits can now avail additional financing on the basis of revised criteria.

SBP also extends the availability of its refinance scheme to non-deposit taking financial institutions as well that can now avail financing for payment of wages/salaries of their employees.

So far, banks have received requests of more than 1,440 businesses for financing of over Rs. 103 billion for providing wages/salaries to around 1 million employees whose jobs have been supported because of this scheme.

Of this amount, banks have already approved financing of Rs 47 billion for 500 companies covering over 450,000 employees.

 

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