Banking Companies Ordinance 1962

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Banks are established under the Banking Companies Ordinance 1962, regulated by SBP. This ordinance was issued in 1962

Section 5

Define banking, banking company, branch and other related terms used in banking business

Section 7

Different forms of business in which a bank may engage

Section 9

Deals with prohibition of trading

Section 13

Deals with the requirement of minimum paid-up capital and reserve

Section 15

Deals with corporate governance and board of directors

Section 21

Deals with reserve funds

Section 22

Deals with cash reserve

Section 25

Deals with the power of SBP to control advances made by banking companies

Section 25A

Authorize SBP to collect credit information

Section 25AA

SBP submits details of loan to the Federal Govt.

Section 26

Deals with the prohibition of accepting deposits

Section 26A

Deals with the acceptance of deposits

Section 27

Deals with licensing of banking companies

Section 29

Deals with maintenance of liquid assets

Section 31

Deals with unclaimed deposits

Section 33A

Deals with secrecy relating to customers

Section 34

Deals with the preparation of balance sheet in prescribed format

Section 38

Relating to display of balance sheet, profit and loss account in branches and head offices

Section 40

Deals with the inspection of banking companies

Section 41

SBP can make an appeal to the directors of a banking companies for merger

Section 48

Deals with amalgamation and winding-up of the banking company

Section 59

Deals with voluntary winding up

Section 60 to 82

Procedure for winding up

Section 82A

Deals with banking mohtasib

Section 82B

Deals with terms and conditions of banking mohtasib

Section 82C

Deals with the court of banking mohtasib

Section 82D

Deals with procedures of making complaints

Section 82E

Deals with recommendation for implementation

Section 82F

Deals with power to call for information

Section 82G

Reporting of banking mohtasib to SBP

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