SBP Cancels IDBL License Due to Liquidation

Farhan Abro September 7, 2024

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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.

SBP Cancels IDBL License Due to 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.

Farhan Abro September 7, 2024

Less than a minute

Farhan Abro

Hello! My name is Farhan Abro, and I'm based here in Islamabad. My journey in Pakistan's digital media really kicked off when I founded INCPak back in 2012. We built it from the ground up, driven by an entrepreneurial spirit, to be a trusted voice for independent journalism. But while media is a big part of who I am, I'm also shaped by a fascinating mix of other passions. I'm deeply into automotive, which gives me a technical edge, but I also find my artistic expression through landscape photography and music. And I'm always diving into the exciting world of Artificial Intelligence. Bringing all these different worlds together the technical, the creative, the journalistic, and the entrepreneurial—it really colors how I see things and approach every project. It gives me a distinct perspective that I try to bring to everything I share