All Pakistan Paper Merchants Association demands State Bank of Pakistan to resolve issue of KASB Bank on war footing

Lahore, February 17, 2015 (PPI-OT): All Pakistan Paper Merchants Association (APPMA) has demanded of the State Bank of Pakistan to resolve the issue of KASB Bank on war footing, as depositors are in deep trouble due to seizing of their accounts.

In a statement issued here Tuesday, APPMA leaders Khawaja Nadeem Saeed Wain, Khamis Saeed Butt and Muhammad Ajmal regretted that the central bank failed to act in time to stop rot at KASB bank. They said sudden suspension of all accounts by SBP has jeopardized their life long savings.

They said that State Bank of Pakistan was taking the plea that operations of KASB bank were suspended in order to protect the interest of depositors and other stakeholders but ground realities were quite different. They said that that most of the account holders of KASB bank were business doing people and after seizing of their account, they were facing massive financial crunch.

APPMA urged the State Bank of Pakistan (SBP) revisit the affairs of all other smaller banks that failed to increase their capital according to regulations of central bank.

Khawaja Nadeem Saeed Wain said that it was prime duty of State Bank of Pakistan to monitor the working of all banks included the KASB Bank properly.

He urged the Federal Finance Minister Ishaq Dar and Governor State Bank of Pakistan to take notice of the worries of KASB bank account holders and ensure early reimbursement of their deposited amounts.

For more information, contact:
All Pakistan Paper Merchants Association
Al-Rasheed Centre,
3rd Floor, Faiz Muhammad Fateh Ali Road,
Karachi.
Tel: +92-21-32621041, +92-21-35462900
Fax: +92-21-32210385
Email: paperassociation@homail.com
Website: www.appma.com.pk

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