LAHORE: All Pakistan Paper Merchants Association (APPMA) has demanded of the State Bank of Pakistan (SBP) to resolve the issue of KASB Bank on war footings, as depositors are in deep trouble due to seizure of their accounts.
In a statement issued here on Tuesday, APPMA leaders Khawaja Nadeem Saeed Wain, Khamis Saeed Butt and Muhammad Ajmal regretted that the central bank failed to act in time to manage the bank affairs. They said that sudden suspension of all accounts by SBP has jeopardized the life-long savings of the paper merchants.
They said that State Bank of Pakistan was taking the plea that operations of KASB Bank were suspended in order to protect the interest of depositors and other stakeholders but ground realities were quite different. They said that that most of the account holders of KASB Bank were businessmen and after seizing of their account, they were facing massive financial troubles.
APPMA urged the State Bank of Pakistan (SBP) to revisit the affairs of all other smaller banks that failed to increase their capital according to regulations of central bank.Khawaja Nadeem Saeed Wain said that it was prime duty of State Bank of Pakistan to monitor the working of all banks included the KASB Bank properly.
He urged the Federal Finance Minister Ishaq Dar and Governor State Bank of Pakistan to take notice of the worries of KASB bank account holders and ensure early reimbursement of their deposited amounts.
