A report has revealed that loans amounting to millions of rupees taken by influential persons and companies have been written off in the present tenure of Pakistan Tehreek-i-Insaaf, reported 24NewsHD TV channel.
The sensational revelation was made in the State Bank of Pakistan’s inspection report which was presented in the federal cabinet meeting on Tuesday.
According to the sources, the report revealed that loans worth Rs1.24 billion have been waived off by four banks. The report also exposed that a government bank in a bid to grant favour to some people and companies wrote off big loans while violating the terms and conditions of the loans.
The State Bank has directed the aforesaid government bank to take action on it or else face financial penalty in case of its failure to recover the money, sources added.
The SBP report has been submitted to the standing committee on finance.
According to the report, the government bank wrote off Rs270 million loans in 28 cases while three private banks waived off loans amounting to Rs970 million.
The federal cabinet after reviewing the SBP inspection report, would give its approval for further action.
Reporter Awais Kiyani