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Governor State Bank of Pakistan, Dr. Reza Baqir, unveiled the Asaan Mobile Account (AMA) today in a launch ceremony held at SBP headquarters Karachi. AMA allows opening of a branchless banking account by dialing a simple code *2262# on a mobile phone. The account holder can then deposit money in his or her account at any branchless banking agent and use the same for transactions through mobile phone. AMA is an initiative of State Bank of Pakistan (SBP) to achieve National Financial Inclusion Strategy (NFIS) target of promoting digital financial inclusion in the country. AMA has been launched with the key support of various stakeholders including PTA, NADRA, Branchless Banking (BB) Providers, Cellular Mobile Operators (CMOs) and Virtual Remittance Gateway (VRG). VRG has been licensed jointly by SBP and PTA under the regulations for mobile banking interoperability. The launch ceremony was chaired by Dr. Reza Baqir, Governor SBP and addressed by Ms. Sima Kamil, Deputy Governor SBP, Chairm...

Two-day Pakistan’s 1st Pharma Summit kicked off under the aegis of Pakistan Pharmaceutical Manufactures’ Association (PPMA) at a local hotel on Tuesday. It titled “Reshaping Pakistan Pharma Industry: Trends, Challenges & Opportunities” aimed at pressing government to enhance the export of drugs to promote the industry. Federal Minister for Overseas Pakistanis Dr Farooq Sattar while addressing inaugural session assured PPMA to resolve their genuine demands by taking issues up. He also urged PPMA to stand for the promotion of industry, saying India organized its 1st Pharma Summit in 1950s, however, it was being held in 2011 in the country. He said Pakistan is required an action with a vision for reshaping pharma industry. The industry has to be risen for enabling Pakistan to meet millennium development goals. The federal minister also emphasized on the role of middleclass, saying the change is not possible without their due involvement to root out feudalism. He underlined the nee...

The Securities and Exchange Commission of Pakistan while monitoring the insurance sector is also endeavouring to remove bottlenecks that hamper its growth and is attempting to bring it at par with international standards. The SECP protects the interest of the policyholders and ensures that the companies have the ability to pay claims to consumers, even when there is a slowdown in investment growth. Vide a previous circular, the Commission put a ceiling on life insurers and family takaful operators registered under the Insurance Ordinance 2000, in respect of management expense limits which include operating expenses, business acquisition costs i.e. commission to agents etc., ensuring that they are maintained at the optimum levels. Recently, taking cognizance of the operational difficulties being faced by a few life insurance companies, the SECP has reviewed and prescribed new maximum management expense limits for two years, i.e., 2011 and 2012. Whilst granting the relaxation, the SE...