State Bank Of Pakistan Loan To Commercial Banks At Low Rate Casued Rs 435 M Loss: Public Accounts Committee Told

The Public Accounts Committee (PAC) Wednesday was informed that State Bank of Pakistan has issued loan of Rs 20 billion to commercial banks at lower mark-up rate causing loss of Rs 435 million to the national exchequer.

ISLAMABAD, (UrduPoint / Pakistan Point News - 25th Apr, 2018 ) :The Public Accounts Committee (PAC) Wednesday was informed that State Bank of Pakistan has issued loan of Rs 20 billion to commercial banks at lower mark-up rate causing loss of Rs 435 million to the national exchequer.

The PAC, which met here with Syed Khursheed Shah in the chair, recommended to the National Accountability Bureau (NAB) to investigate the matter. The committee discussed the audit objections pertaining to the Ministry of Finance of the year 2015-16.

During the meeting, it was revealed that additional Rs 162 billion were spent in the financial year 2015-16 than the allocation made for the Federal Development Scheme.

The committee also discussed selling out of KASB Bank for Rs 1,000 only.

Finance Secretary Arif Ahmad Khan told the committee that there were 1.4 million pensioners on pay role in the country and during previous five years the pension amount had increased by over 150 per cent. Committee member Naveed Qamar said that increase in pension was not objectionable but mode of operation in that regard was disagreeable.