State Bank of Pakistan (SBP) on Friday advanced deadlines for submission of different quarterly reports. According to SBP, it has been decided to change the submission date of quarterly stress testing report w.e.f. December 31, 2014 and now all banks and DFIs will submit their quarterly stress testing reports within 16 working days from the close of each calendar quarter instead of 22 working days.
SBP has warned that the late/non-submission of the data within revised timelines will attract a punitive action under the relevant provisions of the Banking Companies Ordinance, 1962. The central bank through two other circulars, issued on Friday, said that keeping in view the implementation of information technology-based banking solutions and improved data processes at MFBs, it has been decided to rationalise the quarterly Data Submission Timeline of Quarterly Data File Structure (DFS) under Reporting Chart of Accounts (RCOA) through DAP4 timelines w.e.f. December 31, 2014. As per new directives, the banks/DFIs and Microfinance Banks (MFBs) will upload their quarterly data through DAP4 within 14 working days from the end of each calendar quarter instead of 18 working days.
"All MFBs are advised to take measures for continuous improvement of their database management system to further reduce the data processing and submission timelines in future," the circulars added. According to SBP, the late/non-submission of the data within revised timelines will attract punitive action under the relevant provisions the Banking Companies Ordinance, 1962/ Microfinance Institutions Ordinance 2001.
Similarly, SBP has also directed all MFBs to submit their quarterly un-audited capital adequacy returns within fourteen (14) working days instead of eighteen (18) working days from the close of each calendar quarter effective from December 31, 2014. While, all other instructions on the subject shall, however, remain unchanged.
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