KARACHI: The State Bank of Pakistan (SBP) has announced cancellation of the banking licence of Industrial Development Bank Limited.

“In exercise of powers conferred upon State Bank of Pakistan by Section 27 (4) of Banking Companies Ordinance, 1962 the banking licence issued to Industrial Development Bank Limited (license No. BL02-2012 dated 29 November 2012) hereby stands cancelled with effect from February 02, 2024 as it has gone into liquidation,” a notification issued by the SBP said.

Accordingly, State Bank has also announced the de-scheduling of Industrial Development Bank Limited in terms of Section 37(2)(d) of State Bank of Pakistan Act, 1956 with effect from February 02, 2024 as it has gone into liquidation.

Copyright Business Recorder, 2024