KARACHI
The heads of different banks informed the State Bank of Pakistan (SBP) that they would hold consultations with their legal counsels and key management officials regarding recovery of the written off loans in light of the order issued by the Supreme Court of Pakistan.
The chiefs of various banks promised commitment to adhere to the directives of the Supreme Court in order to recover loans, written off in the past. The bank officials discussed these issues at a meeting convened by the State Bank of Pakistan, intended to work out a strategy in response to the observations made by the Supreme Court.
The bankers stated that they would consult their key management and legal counsels to devise strategies regarding write off loans. It was agreed in a meeting that the Supreme Court of Pakistan must be facilitated by providing all necessary information and efforts should be made to deal the case of write offs.
Participants of the meeting viewed this initiative by the Supreme Court as a catalyst in discouraging willful defaults and improving recovery position. The meeting, chaired by SBP Governor Shahid H Kardar discussed the issues pertaining to written off loans at length.
Banks to consult counsels to secure written off loans
