State Bank of Pakistan (SBP) allowed banks to set up exchange companies.
According to the SBP notification, banks have been allowed to set up exchange companies to meet public demand.
According to the announcement, the minimum capital of exchange companies is being increased from 20 crores to 50 crores.
According to the SBP announcement introducing fundamental reforms for exchange companies, B exchange companies will have to fulfill the regulatory requirements within 3 months.
According to the announcement, the licenses of B companies that are not transferred to the category of exchange companies will be cancelled.
According to the SBP announcement, the franchisee can merge with other companies after fulfilling the regulatory requirements within 3 months.
According to the notification, B Exchange companies and franchisees should submit the plan within one month and take NOC from State Bank.
According to the SBP statement, the objective of this initiative is to provide better services to the public and bring competition and transparency in the exchange companies.
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