Asian Development Bank (ADB) President Masato Kanda on Friday announced a $3 million emergency grant to aid Pakistan in its ongoing flood relief efforts. The funding, provided through the Asia Pacific Disaster Response Fund, will be used to support urgent humanitarian assistance, including food, medical aid, shelter, and other critical supplies for communities severely affected…
New Delhi: The amount of loans disbursed by Scheduled Commercial Banks (SCBs) in India grew 9.5 per cent YoY in Q1FY26, slightly lagging deposit growth at 10.1 per cent, with growth expected to remain moderate ahead, a report said on Wednesday. The credit cost of SCBs increased by 19 bps YoY, and also a marginal…
The Pakistani rupee extended its gains against the US dollar on Wednesday, rising 20 paisa, or 0.07%, in the inter-bank market. The currency closed at 282.22 compared to the previous day’s closing level of 282.42. It was the rupee’s fifth consecutive day of appreciation, driven by improved market sentiment amid an ongoing crackdown on illegal…
New Delhi: A 20-year-old man from Noida was taken aback to see that his deceased mother’s bank account had been credited with an astronomical balance of over Rs 1.13 lakh crore. According to media reports, Deepak’s mother Gayatri Devi passed away two months ago. Deepak had been continuing to operate the account ever since she…
Federal Board of Revenue (FBR) chairman has said the body will ‘freeze’ the bank accounts of non-filers in the FY2025-26. The National Assembly’s Standing Committee on Finance, chaired by Syed Naveed Qamar, convened to discuss the issue of enforcing sales tax registration for non-registered individuals and businesses. Federal Board of Revenue (FBR) Chairman Rashid Mahmood…
The State Bank of Pakistan (SBP) has said that it expects profit to reach Rs2.4 trillion in outgoing fiscal year 2024-25 ending in June. Speaking to analysts at a briefing following the rate cut decision the bank is on track to meet the government’s estimated target of Rs2.4 trillion. The central bank’s profit projection is…
The Asian Development Bank (ADB) has approved $800 million loan for Pakistan. According to the ADB’s official statement, the amount for Pakistan has been approved under Resources Mobilization Reforms Program. The statement further stated that Pakistan enjoys majority of support of at the Asian Development Bank (ADB). Earlier it was reported that the World Bank…
To offset potential revenue losses from proposed tax relief for the salaried class and other sectors, the Federal Board of Revenue (FBR) is considering a 2% increase in the tax rate on interest income from commercial bank deposits and savings schemes in the upcoming 2025–26 budget. The proposed hike would apply to both filers and…
A police officer walks past the Reserve Bank of India (RBI) logo inside its headquarters in Mumbai, India, April 6, 2023. — Reuters Banking frauds in India nearly tripled in FY2024–25, reaching a massive ₹360.14 billion, according to the Reserve Bank of India’s new report. The RBI’s annual report revealed a staggering 194% rise in…
