Pakistan banks told to double capital base by 2003

Pakistan has told banks to double their minimum paid-up capital to one billion rupees ($17.2 million) by the start of 2003. "No banking company shall be permitted to undertake a full range of financial services unless and until it has a minimum paid up capital, net of losses, of rupees one billion on or before January 2003," said a statement of Pakistan's central bank issued late on Wednesday. The statement said a banking company failing to meet the minimum capital requirement would stand to

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