KARACHI - The State Bank of Pakistan (SBP), in a bid to foster innovation, financial inclusion and availability of affordable digital financial services, granted in-principle approval (IPA) for establishing five digital retail banks on Wednesday.
Governor SBP, Jameel Ahmad awarded IPAs to the five proposed digital banks- HugoBank Limited, KT Bank Pakistan Limited, Mashreq Bank Pakistan Limited, Raqami Islamic Digital Bank Limited and Telenor Microfinance Bank Limited- in a ceremony at SBP Museum Building, said a statement issued here.
The event was attended by sponsors of proposed DRBs, CEOs of incumbent banks, Payment System Operators (PSOs), Payment System Providers (PSPs), Electronic Money Institutions (EMIs), Fintechs and SBP’s top management.
It is pertinent to mention that the central bank had issued NoCs to five successful applicants for establishing digital banks in Pakistan in January 2023 and after fulfilment of the necessary requirements, these entities have now been granted in-principle approval to prepare themselves operationally to launch the digital financial services.
Upon attaining operational readiness, these institutions will be required to seek approval of SBP for the commencement of their operations.
Earlier this year, SBP issued “No Objection Certificate (NOC)” to the proposed DRBs allowing them to incorporate as a Public Limited Company with Securities and Exchange Commission of Pakistan (SECP).
These institutions were selected after a thorough and rigorous evaluation process based on a comprehensive set of parameters including fitness and propriety, experience and financial strength; business plan; implementation plan; funding and capital plan; IT and cybersecurity strategy and outsourcing arrangements.
Pakistani rupee remains largely stable against the US dollar, and other currencies in the open market on Sunday.
On Sunday, the US dollar was being quoted at 283.4 for buying and 285.95 for selling.
Euro comes down to 307 for buying and 310 for selling. British Pound rate remains unchanged at 358.5 for buying, and 362 for selling.
UAE Dirham AED witnessed slight drop and new rate stands at 77.2 whereas the Saudi Riyal remained stable at 76.
Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency | Symbol | Buying | Selling |
US Dollar | USD | 283.4 | 285.95 |
Euro | EUR | 307 | 310 |
UK Pound Sterling | GBP | 358.5 | 362 |
U.A.E Dirham | AED | 77.2 | 78 |
Saudi Riyal | SAR | 76 | 76.8 |
Australian Dollar | AUD | 187.2 | 189 |
Bahrain Dinar | BHD | 755.82 | 763.82 |
Canadian Dollar | CAD | 209 | 211 |
China Yuan | CNY | 39.82 | 40.22 |
Danish Krone | DKK | 41.14 | 41.54 |
Hong Kong Dollar | HKD | 36.37 | 36.72 |
Indian Rupee | INR | 3.41 | 3.52 |
Japanese Yen | JPY | 1.39 | 1.45 |
Kuwaiti Dinar | KWD | 922.14 | 931.14 |
Malaysian Ringgit | MYR | 60.82 | 61.42 |
New Zealand Dollar | NZD | 175.33 | 177.33 |
Norwegians Krone | NOK | 26.12 | 26.42 |
Omani Riyal | OMR | 738.71 | 741.76 |
Qatari Riyal | QAR | 78.07 | 78.77 |
Singapore Dollar | SGD | 211 | 213 |
Swedish Korona | SEK | 27.32 | 27.62 |
Swiss Franc | CHF | 324.5 | 327 |
Thai Bhat | THB | 8.08 | 8.23 |
Gold prices decreased in local markets in line with the trend in the international market.
On Sunday, the price of a single tola of 24-karat gold stands at Rs216,300, and 10 grams of 24k gold costs Rs185,450.
Single tola of 22 Karat Gold price costs Rs198,274, 21 karat rate per tola costs Rs189,263 and 18k gold rate is Rs162,225 for each tola.
In the global market, gold prices hovers around $2,004 per ounce, after drop of $23.35 on Sunday.
City | Gold | Silver |
Lahore | PKR 216,300 | PKR 2,486 |
Karachi | PKR 216,300 | PKR 2,486 |
Islamabad | PKR 216,300 | PKR 2,486 |
Peshawar | PKR 216,300 | PKR 2,486 |
Quetta | PKR 216,300 | PKR 2,486 |
Sialkot | PKR 216,300 | PKR 2,486 |
Attock | PKR 216,300 | PKR 2,486 |
Gujranwala | PKR 216,300 | PKR 2,486 |
Jehlum | PKR 216,300 | PKR 2,486 |
Multan | PKR 216,300 | PKR 2,486 |
Bahawalpur | PKR 216,300 | PKR 2,486 |
Gujrat | PKR 216,300 | PKR 2,486 |
Nawabshah | PKR 216,300 | PKR 2,486 |
Chakwal | PKR 216,300 | PKR 2,486 |
Hyderabad | PKR 216,300 | PKR 2,486 |
Nowshehra | PKR 216,300 | PKR 2,486 |
Sargodha | PKR 216,300 | PKR 2,486 |
Faisalabad | PKR 216,300 | PKR 2,486 |
Mirpur | PKR 216,300 | PKR 2,486 |
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