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State Bank of Pakistan approves Rs173.57 million Loans under Student Loan Scheme

Karachi, October 24, 2014 (PPI-OT): Apex Committee of Student Loan Scheme in its meeting held on October 22, 2014 at State Bank of Pakistan, Karachi approved Rs. 173.57 million as interest‐free loans for deserving students to pursue higher studies within Pakistan.

The meeting was chaired by Mr. Saeed Ahmad, Deputy Governor, SBP and was also attended by the representatives of the Finance Division, Government of Pakistan, National Bank of Pakistan, MCB Bank Limited, Allied Bank Limited, Habib Bank Limited and United Bank Limited. For this Scheme, an Endowment Fund of Rs. 500 million was created in FY 2001‐02. NBP operationally administers the Scheme by receiving and scrutinizing the students loan applications, disbursement of loans as well investment of endowment funds of the scheme.

Loans approved under the Scheme will be disbursed to 1, 072 students, of 2012‐13 sessions, pursuing their studies in different disciplines of under‐graduation, graduation, M. Phil and Ph. D studies from the public sector universities in Pakistan. The names of successful students are available at the National Bank of Pakistan’s website: http://nbp.com.pk/SLFiles/SuccessfulCandidates.pdf

Deputy Governor, SBP while presiding over the committee meeting remarked, “Government of Pakistan, SBP and commercial banks should strengthen their efforts to increase the Endowment Fund size for enhancing the outreach of the Scheme. Besides, participating banks should also pay greater attention for timely recovery of student loans granted earlier to augment the availability of funds for accommodating more students under the scheme.”

The Apex Committee also approved constitution of a sub‐committee having representatives from State Bank and member banks to revisit the existing Student Loan Scheme and suggest improvements. The sub-committee shall also devise measures and identify funding sources for increasing Endowment Fund of the Scheme.

For more information, contact:
Syed Wasimuddin
Chief Spokesman
State Bank of Pakistan (SBP)
Tel: +92-21-39212562
Fax: +92-21-39212563
Email: syed.wasimuddin@sbp.org.pk

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