Business
BoI to register US-Pak Business Alliance | The Express Tribune
Federal Minister for Investment and Board of Investment (BOI) Chairman Qaiser Ahmed Sheikh
ISLAMABAD:
The Board of Investment (BoI) will formally register the US-Pakistan Business Alliance (USPBA) to ensure institutional coordination and facilitation, Federal Minister for BoI Qaiser Ahmed Sheikh announced on Wednesday while addressing the launch ceremony of the alliance’s Pakistan Chapter in Islamabad.
According to an official statement, the BoI minister highlighted that trade and economic relations between Pakistan and the United States were moving in a renewed and positive direction. He said Pakistan-US engagement had witnessed greater warmth and dynamism during the tenure of US President Donald Trump.
Sheikh underscored the strategic importance of Pakistan’s geo-economic location, describing the country as a natural bridge connecting South Asia, Central Asia, the Middle East and China. He said this positioning offered strong potential for regional and international trade. The minister identified minerals and mining, rare earth metals, technology, energy and industrial development as key areas with untapped potential for US investment in Pakistan. He also referred to the performance of Pakistan’s stock market, stating that rising investor confidence reflected strengthening economic fundamentals.
He said the Business Facilitation Center established by the BoI was providing a one-window solution to investors, aimed at streamlining procedures and improving the ease of doing business. He added that ongoing regulatory reforms by the BoI, along with the Asaan Karobar Act, represented an important step toward facilitating both local and foreign investors.
Last Updated:
RBI has summoned senior officials of Yes Bank following a major data breach involving the Yes Bank–BookMyForex multi-currency forex card
Reserve Bank of India headquarters in Mumbai.
The Reserve Bank of India (RBI) has summoned senior officials of Yes Bank following a major data breach involving the Yes Bank–BookMyForex multi-currency forex card, two people aware of the development told The Economic Times (ET).
According to the report, card details and CVV numbers of several users were allegedly compromised. The central bank has sought a detailed explanation from the bank on how its systems may have been breached and the sequence of events that led to the exposure of sensitive customer data.
“The RBI has sought a comprehensive briefing from Yes Bank’s senior management on the root cause of the breach, the timeline of events, and the adequacy of the bank’s cybersecurity framework,” one of the persons cited by ET said. “The regulator wants clarity on how sensitive card data, including CVV numbers, may have been exposed and what immediate containment measures have been implemented.”
Yes Bank declined to comment on the RBI’s queries but said an internal investigation had identified fraudulent transactions involving 15 merchants in a Latin American country on February 24. Transactions worth Rs 2.54 crore were approved across 5,000 customers, while 688 unauthorised attempts amounting to around Rs 90 lakh were blocked. The bank said it is working with the card network to initiate chargebacks and ensure that affected customers do not face financial losses.
Separately, BookMyForex said it does not store customers’ sensitive card information and that its systems were neither breached nor compromised during the period in question.
The RBI has also sought details on how sensitive card data—particularly CVVs—was stored and protected, whether encryption and prescribed security protocols were followed, and why existing cyber controls failed to prevent the breach. In addition, the regulator is reviewing the timeline of detection and reporting, the robustness of third-party risk management and oversight, the number of customers impacted, and the steps taken to block cards, prevent misuse and mitigate losses. It has also asked for clarity on internal accountability, supervisory lapses and remedial measures to prevent a recurrence, ET reported.
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February 26, 2026, 07:53 IST
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