Tue. Oct 19th, 2021

Karakoram Cooperative Bank approves first ‘credit, compliance and risk’ policy


GILGIT: (PR) For the first time in its almost 50 years long history, the Karakoram Co-Operative Bank Limited has approved a formal Credit, Compliance and Risk policy.

On Tuesday 13 April 2021, Waqar Abbas Mondoq, Chairman Credit, Risk and Compliance of the Board’s committee, Karakoram Cooperative Bank Limited GB formally approved three new policies to be implemented across the bank “to make the system more efficient, transparent, and to facilitate more loaning in a transparent way”, said a press release.

The Chairman further added that the bank’s transformation is in progress and more quality frameworks and systems will be in place.

The bank will introduce new MSME and SME friendly products, the press release further read. More loans will be offered to startups and new ideas. Tourism, Agriculture and service industries will be special focus for next five years. The bank has huge potential for growth and with the strong team we will further strengthen Bank presence all over Gilgit Baltistan.

The Chairman added that technology will be focus on order to increase access to finance to far flung regions.

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