SBP cancels Industrial Development Bank license

MG News | September 06, 2024 at 07:47 PM GMT+05:00

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September 06, 2024 (MLN): The State Bank of Pakistan (SBP) has cancelled the banking license issued to Industrial Development Bank Limited as it has gone into liquidation.

"In exercise of powers conferred upon State Bank of Pakistan by Section 27 (4) of Banking Companies Ordinance, 1962 the banking license issued to Industrial Development Bank Limited (license No. BL02-2012 dated 29 November 2012) hereby stands cancelled with effect from February 02, 2024 as it has gone into liquidation," reads a notification issued by the SBP.

In a separate notice, the central bank directed de-scheduling of IDBL in terms of Section 37(2)(d) of State Bank of Pakistan Act, 1956.

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