Banks to update textile loans online

Karachi: The State Bank of Pakistan (SBP) on Thursday directed banks to submit half-yearly statement of loan to textile sector (LTTS) through new online system, a statement said.

The central bank has decided to switch over completely to the new system of DAP-4 (data acquisition portal) with effect from June and discontinue the data reporting through email and ordinary mail with immediate effect, according to the notification.

All banks and development financial institutions (DFIs) are now required to submit error-free data on DAP-4 in the future as per the timeline provided, the notification added.

Earlier, all banks and DFIs were required to submit half-yearly statement of loan to textile sector on regular basis to the Statistics and Data Warehouse of the SBP through email and ordinary mail by January 31 and July 31.

The central bank said that the DAP-4 is running and all banks and DFIs are also submitting the LTTS data on new format on trial basis for quite sometime.

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