SBCA Transfers 3.5 Billion Rupees from Sindh Bank to Allied Bank
Transfer of Funds to Prevent Losses due to Salary Deductions and Other Expenses
Karachi-(Asad Ali Shah)-The Sindh Building Control Authority (SBCA) has taken a significant step to secure its funds, amounting to 8.2 billion rupees. To avoid losses due to continuous salary deductions, the authority has transferred 3.5 billion rupees from Sindh Bank back to Allied Bank. Currently, 3.3 billion rupees have been transferred under the profit policy, while 4.7 billion rupees remain in Sindh Bank without profit ¹.
The authority’s decision to transfer funds to Allied Bank was prompted by fears of losing billions of rupees within a few years due to expenditure on salaries and other matters. By depositing the funds under the profit policy, the original amount will be safeguarded, and the authority will receive a significant profit rate, enabling it to manage its affairs efficiently ¹.
Notably, Allied Bank has offered a higher profit rate compared to other banks, with a TDR of 20.72% under the State Bank of Pakistan’s Kybor policy. This attractive rate has motivated the authority to transfer the remaining 4.7 billion rupees from Sindh Bank to Allied Bank ¹.
Key Developments:
– Funds Transfer: 3.5 billion rupees transferred from Sindh Bank to Allied Bank
– Profit Policy: 3.3 billion rupees transferred under profit policy; 4.7 billion rupees remain in Sindh Bank without profit
– Profit Rate: Allied Bank offers 20.72% TDR, higher than other banks
– Authority’s Goal: Secure funds, manage affairs efficiently, and avoid financial losses
By securing its funds, the SBCA aims to mitigate financial losses and ensure its stability. The authority’s proactive approach is expected to yield positive results, safeguarding its financial future ¹.
