Seminar on refinance Scheme in FCSTI
The President Faisalabad chamber of small traders and small industry Ch Mohammad Shafiq Anjum said that State Bank should advise all commercial banks to facilitate small traders and small industrialists for having commercial loans enabling them to of the country and a play a vital role in the economy entailing the GDP rate for rapid development of the country while addressing a seminar held on Thursday herein the building of FCSTI with the collaboration of State Bank of Pakistan on awareness campaign on “Concessionary Refinancing Scheme” he proposed the youth loan may be sanctioned on the recommendations of FCSTI which will advised them to the short of business and return of the mark up
The chief Manager of State Bank of Pakistan Mr Sajjad Ali Shah mentioned the problems being faced by SME sector, their share in GDP and contribution toward economic development of the country were applauded. He highlighted the efforts of State Bank of Pakistan for the development of SME sector, and said that problem you face in order to enable us to provide you better services’.
Mr. Zahid Iqbal A.F.O State Bank of Pakistan Faisalabad extended presentation and explained the salient features of the Refinance shceme. He categorized the SME sector into Small and medium . Small sector carries 20 or less employees with 75 Million annual turnover Medium would be 21 to 250 workers with annual turnover is above from 75 Million rupees. The refinance consessionary scheme covers exporters also who carried out their business with commercial or Islamic banks.The agrarian industry also falls in the ambit of this scheme
While addressing the seminar Mian Zafar Iqbal Senior Vice President informed the audience regarding the functions of FCSTI. He further indicated that FCSTI is the pioneer chamber of the country followed by the small chambers of Quetta, Peshawar, Islamabad and Gilgit. He reiterated that the State Bank should issue instructions to the commercial banks to ensure the free transaction and online facility. While talking on the core issue of CIB reports he stated that the state bank should look between the lines of dealing the commercial banks that how the customer failed to prove his eligibility of loan, either the reports are correct or the bank functionaries put some irritants and stumbling blocks. Unnecessary delay should be avoided rather procedural should be made simple and easy.
The vice president Malik Mohammad Ashraf closed the session and applauded the efforts of chief manager of State Bank of Pakistan Sajjad Ali shah that he himself came here to laude the small traders and small industrialists.