Karachi: (RightNow) The State Bank of Pakistan introduces SME Connect to simplify the process of obtaining SME loans. This initiative will streamline the loan application process.

According to the State Bank, SME Connect will enhance access to loans. From November 1, all SME loan applications will be received exclusively through this platform.

The new process will improve efficiency and transparency in SME financing. Access to loans for small and medium enterprises will be enhanced.

Media reports indicate that the cash transaction reporting limit in banks has been increased. Now, cash transactions exceeding 3 million rupees must be reported to the Financial Monitoring Unit.

It is noteworthy that changes are being made to the financial monitoring system. There is also an agreement to empower provincial anti-corruption agencies to prevent money laundering.