The State Bank of Pakistan has allowed Waseela Microfinance Bank, a subsidy of Orascom Telecom and sister concern of Mobilink, to commence business as a nationwide microfinance bank.
SBP earlier had issued a license to the Bank against Rs 0.25 million however the bank has now fulfilled its all requirement for showing its asset of Rs 1 billion.
The banking regulator has also approved the appointment of Ghazanfar Azzam as CEO of the bank and different board members from telecom and financial sector.
With this green signal from central bank, Waseela is likely to start its operations very soon. Services offered by Waseela bank will include branchless banking to give competition to Easypaisa and UBL’s Omni.
Waseela Bank will become the 7th Microfinance Bank (MFB) to operate on nationwide basis whereas two MFBs are operating at district level presently
The commencement of business of Waseela Microfinance Bank will result in a significant increase in the market share of regulated microfinance banks (MFBs) within the overall microfinance sector.
This will also lead to the increased provision of inclusive financial services in the rural and remote areas of the country. It is believed that Waseela Bank with its sister organization Mobilink will launch a branchless banking through its agents stretched throughout the country.
Other microfinance banks operating in the country include Khushhali Bank Ltd., The First Microfinance Bank Ltd., Tameer Microfinance Bank Ltd., Pak Oman Microfinance Bank Ltd., NRSP Microfinance Bank Limited, Kashf Microfinance Bank Ltd, Apna Microfinance Bank Ltd, and Rozgar Microfinance Bank Ltd.
its a good sign of business
April 24, 2012
Dear Governor
State of Bank of Pakistan
Did State Bank of Pakistan ever looked into the matter that what role playing the staff members of the Branches of National Savings Bank? Fraud in tax evasion, miscalcualted profit payments to the accounts & saving certificats holders.
When profit is paid to a holder on saving certificates or accounts and tax is deducted, immediately a receipt is must to be provided by the athority concerned but unfortunately no receipt is being made because first of all is there is no computrised or manual system is utilised. Secondly the whole staff is involved in evasion of tax. The tax deducted amount purely goes into the pockets of the staff members instead to the government’s fund. If anyone ask for the receipt, either they refused to provide or asked to wait until they have a time to do that. If somebody forces to do that because he has no sufficient time to sit and wait for an unlimited time, then the staff members tries to put him in some kinds of troubles, saying you have to pay taxes on those that you have already been received earlier. If you have paid taxes on them then bring the receipts of payments.
First of all how come it would become possible someone to bring the receipts of old payments immediately if he have it at home. Secondly, if the staff have not issued any receipt then from where he will bring these receipts.
Now the question is it that why a staff is asking for old receipts. It is his duty to deduct the taxable amount on each and every transactions. He should have to keep the records to produce the Tax authorities concerned. What are the relations between old payments with the present payments. If the staff have not deducted previously, it is his mistake and not the account holders and that to be deducted from the salaries of the staff members of the bank.
If you don’t believe, please visit or send any of your members to watch closely without official introduction. I have my personal experience from the branch of Gulshan-e-Iqbal ‘II’,Main University Road, Opposit Baitul Mokarram Masjid, National Savings.
You cannot imigine that how painful moment for them who are retired and senior citizens of Pakistan. Most of them eighter uabele to calculate periodical profits on their svings or too old go through these process. Such times may come to you when you become retired from your services or beocme too old and unable to pass through these lenghty and painful process.
Now is the time for you to do something otherwise no one will listen your voice when you will be asked someone to listen to you.
Please arrange to make a computerised system for processing each and every transaction to provide a datailed receipt to the account holders of the NS bank immediately after any transaction is made. How come it is not possible for bank whose transations reached upto millions of Rupees daily when a small utiliti store has capacity to provide within a second.
We might be one of the developing countires but we have to remember that we are one of Computer Softwares Exporting Countries. Those countries who are purchasing softwares from us are able to utilise the benefits of the most advanced features of our homemade softwares then WHY NOT WE?
Your necessary actions will might be benefited to millions of NS customers and pave the way to increase the collection of INCOME TAXES which are evasing and going to the pocket of NS staff membrs instead to the government fund.
Best wishes and regards
Shams*