According to a press release issued by the State Bank of Pakistan on July 27, JS Bank has once again taken the lead in processing and distributing employment refinancing schemes, which can lead to layoffs and unemployment. Assists the private sector in paying wages and salaries to save.
The employment scheme, also known as the refinancing scheme, is to provide employment and employment assistance to workers. The scheme provides concessional payroll finance loans to businesses that promise not to lay off their employees during the loan period.
Under the scheme, financial assistance of Rs 125.9 billion was sanctioned by banks to 2,068 businesses, including wages and salaries of 1.1 million people. In this aggregate number, as stated in the SBP press release, the ranking of banks within the group other than JS Bank changed. JS Bank remained at the top of the rankings. JS Bank approved approximately 10% of the total amount and protected thousands of jobs and assisted 195 businesses.
Basir Shamsi, President and CEO of JS Bank, said that as an institution, they stand with their compatriots in this hour of need and are committed to helping the country’s economy. We will continue to work with the State Bank of Pakistan for the prosperity of Pakistan.
Committed to its role in Pakistan’s development and prosperity, the Bank hopes to continue this journey of value building for all stakeholders.
Extracted from City42 News
