Islamabad, January 3: The SME Bank staff has been asked to wrap up its operations in Gilgit – Baltistan. According to a circular issued by the head of Human Resources and Services, Raja Muhammad Altaf, the staff of SME Bank has been asked to suspend and wrap up “all operations” in the region, starting December 31.
However, the circular does not mention the recovery strategy for loans pending with over two thousand defaulters, including former chief executive Ghazanfar Ali Khan, MLA Mirza Hussain, Raja Nasir and Muhammad Iqbal, among others. These four people have to pay the bank a collective sum of rupees 16.5 crores. There are also a number of other defaulters who are required to pay back their loans worth millions of rupees.