The State Bank of Pakistan (SBP) has now issued licence to U Microfinance Bank. For the information of the readers, U Microfinance Bank was previously known by the name of Rozgar Microfinance Bank Limited. This license will be allowing and permitting U Microfinance Bank to start operating and run at a national level. It has now declared as a recognized bank working on a national platform.
From the sources, we came to know that Rozgar Microfinance Bank Limited woks on a district level. In other words, we can say that it is a district wide micro finance bank that only operates in Karachi city of Pakistan. Rozgar Microfinance Bank Limited comprises of one single branch and 6 service centres that are currently been operating.
100 pc shares holding of Rozgar Microfinance Bank Limited was acquired by Pakistan Telecommunication Company Limited (PTCL) in August 2019. This permission was granted by the State Bank of Pakistan (SBP). SBP make a condition that PTCL would be improving the level of this Rozgar Microfinance Bank Limited by bringing on efficient and effective team; only then PTCL would be allowed and permitted to have 100 pc shares holding. PTCL did complete all the conditions as said by the State Bank of Pakistan (SBP) and changed the name of Rozgar Microfinance Bank Limited to U Microfinance Bank.
Again note that the State Bank of Pakistan (SBP) has now handed over the licence to U Microfinance Bank and now this subjected and particular bank can freely work at a national level. It now possesses an efficient and reliable management team.
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