KARACHI: The State Bank of Pakistan (SBP) has revoked the banking license of Industrial Development Bank Limited (IDBL) and ordered its de-scheduling after the bank went into liquidation.
The cancellation, effective from February 2, 2024, was announced in a notification issued by the SBP’s Banking Policy and Regulations Department.
Citing Section 27 (4) of the Banking Companies Ordinance, 1962, the SBP stated that the license (No. BL02-2012, issued on November 29, 2012) is now annulled.
Additionally, a separate notification from the SBP directed the de-scheduling of IDBL under Section 37(2)(d) of the State Bank of Pakistan Act, 1956, due to the bank’s insolvency.
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