Senate session: Banking Companies Amendment Bill to cope with challenges, says Finance Minister

The Senate today passed the Banking Companies Amendment Bill 2024. It was moved by Finance Minister Muhammad Aurangzeb.

Sharing its main features, the Finance Minister said that the legal framework has been strengthened under the bill to provide support for Islamic banking business. He said the regulatory role of State Bank of Pakistan has also been strengthened to promote financial inclusion. The Finance Minister said the procedure of lodging complaints with Banking Mohtasib has also been simplified.

Finance Minister said Banking Companies Amendment Bill aimed at coping with challenges. Senate session has begun started with Deputy Chairman Syedal Khan in the chair after a delay of more than three hours. Forty-seven members of the upper house attended the session schedule to begin at 8pm. Senators belong to PTI, JUI and Balochistan National Party skipped the session. Finance Minister Muhammad Aurangzeb answered the questions about Banking Companies Amendments Bill 2024. On the occasion, Minister of Finance said in 2008, many companies sank in the global financial crisis. He said Pakistan is set to bring reforms to overcome such a financial crisis under the bill. He said plan has been in action to support Islamic banking. Finance Minister said regulatory role of the State Bank has been enhanced and Banking Ombudsman has been facilitated to address complaints.