KARACHI: The State Bank of Pakistan (SBP) has increased the exposure limit up to 25 per cent from 10 per cent of the mandatory targets for housing and construction finance and investments.
All banks have been directed to finalise an action plan in compliance with the updated policy promoting housing and construction activities in the country.
Apart from comprising detailed measures and timelines, the format of the action plans will include a breakdown of overall targets into quarterly targets, development of suitable products, launching of media campaigns, and development of internal technology, capacity building of staff, and other actions needed to ensure the target is being met.
The central bank also announced to closely monitor the progress of these policies and action against those in and non-compliance action under the relevant provisions of the Banking Companies Ordinance, 1962.
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