KARACHI: The central bank has announced to rationalise processing fee for refund requests against the penalties imposed on account of violations recorded in the inspection reports.
According to the State Bank of Pakistan (SBP) statement, the revised processing fee has been set as a lump sum amount of Rs500,000 for banks and DFIs, whereas a flat fee of Rs100,000 is set for microfinance banks (MFBs).
Previously the banks and DFIs were required to pay a fee equivalent to 5pc of the amount contested or a minimum of Rs500,000 whichever was higher as processing fee for the appeal so made and the microfinance banks were required to pay a fee equivalent to 5pc of the amount contested or a minimum of Rs100,000 whichever was higher as processing fee for the appeal so made.
