KARACHI : Oct 16: In a bid to ease reporting pressure for the banks , financial institutions, the State Bank of Pakistan (SBP) has discontinued submission of half yearly returns with immediate effect. The central bank in its notification dated October 16 said “Reference Statistics and Data Warehouse Department’s letter No. DS.BS. 2 (1) / 2021-015147 dated December 21, 2021 which requires reporting institutions (RIs) to submit the subject quarterly return within 45 days of close of reporting period. It also advises on submission of the same return at half-yearly (HY) frequency”.
the notification added that in order to reduce reporting burden on RIs, the submission of HY returns are discontinued with immediate effect. RIs are advised to submit the subject quarterly return within 30 days of close of every quarter from September 2023 data.
The SBP noted that RIs must ensure that these data are reconciled with corresponding period’s data submitted by RIs to this Department through statements on ‘Assets and Liabilities (A03),’ ‘Deposits Distributed by Category of Deposit Holders (A-05)’, and ‘Monthly Loans Classified by Borrowers (A-07)’, as per SBP instructions issued from time to time. It said any erroneous reporting warrants punitive action under relevant provisions of Law. For any query with reference to subject data,