The Government of Balochistan has granted principal approval for the establishment of the Bank of Balochistan during the 20th meeting of the provincial cabinet. The meeting was chaired by Chief Minister Sarfraz Bugti, who directed that the bank should be fully operational by next year and its administrative board be formed based on complete transparency and 100% merit. The bank will remain completely free from political pressure or influence.An initial capital of PKR 12 billion has been allocated for the bank, with PKR 10 billion provided initially and an additional PKR 2 billion to be added later.Key Milestones:25 December: Business plan to be approved by the cabinet and submitted to the State Bank.26 January: Actions to be completed as per State Bank directives.26 March: Application for the bank’s license to be submitted.26 April: PKR 10 billion to be allocated in the 2026-27 budget.26 May – July: Formation of the Board of Directors and completion of. rRegistration26 August – January 2027: Limited banking to be approved under government jurisdiction.February 2027: Islamic Commercial Bank of Balochistan to be fully established. According to the government, the establishment of the bank will provide strong financial support for banking services, investments, and major development projects in Balochistan, opening new avenues for the province’s economic growth.
Comments are closed, but trackbacks and pingbacks are open.