Stay order against bank installment collection extended
ISLAMABAD: Islamabad High Court (IHC) Friday extended its stay order against collection of loan installment by a local bank from a citizen in the wake of coronavirus outbreak.
IHC Chief Justice Athar Minallah conducted hearing on the petition, filed by a citizen against the alleged harassment by a local bank for payment of the installment.
During the course of proceeding, National Rural Support Programme (NRSP) Chief Executive Rashid Bajwa appeared before the bench and adopted the stance that the State Bank of Pakistan (SBP) had given one-year time for the payment of installments.
He said the NRSP had to take loan from commercial banks to give small loans to the people. If the amount was not paid to the commercial banks, they could stop giving loans, he said.
He prayed the court to issue directives to the commercial banks in that regard.
The chief justice said the NRSP had raised a very important point before the court. The court asked the SBP's representative regarding its policy for the payment of installments.
The chief justice said the people did not know about the one year time for the payment of installments. He directed the NRSP to appoint focal persons at its regional offices to apprise the public about the one-year relief. After this, the court adjourned hearing of the case. – APP