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050328
STATE BANK OF PAKISTAN - BANKING SUPERVISION DEPARTMENT
BSD Circular No. 2 of 2005
March 28, 2005
The Presidents / Chief Executives
All Microfinance Banks
Dear Sirs/Madam,
Fit & Proper Criteria for Board Members and
President/Chief Executive of Microfinance Banks
The Boards of Directors of Microfinance Banks define and set vision and mission
and overall goals and objectives to be achieved by the bank, ensure development
of policies and risk management systems for different areas of operations and
oversees implementation of/compliance with the policies. The President/Chief
Executive leads the executive management to implement the Board’s plans. The
Board Members and President/Chief Executive are also custodians of public
savings deposited with the bank and as such should not only be persons of
established integrity and track record, but should also have necessary capacity,
qualification and experience to effectively undertake their respective
responsibilities and functions in order to lead and steer the MFB as a socially
conscious, pro poor and commercially viable financial institution.
State Bank of Pakistan has therefore, formulated “Fit & Proper Criteria” for the
Board Members and President/Chief Executive of Microfinance banks, which
prescribe the minimum qualification, experience and integrity standards etc. for
the MFBs’ Board Members and President/Chief Executive. The criteria, annexed
herewith, are being introduced as Prudential Regulations for Microfinance
Banks-Regulation XXX-Fit & Proper Criteria for MFBs’ Board Members and
President/Chief Executive Officer, and shall be effective with immediate effect.
The Microfinance Banks already in operation shall regularize deviation, if any,
in their Board mix within six months of the issuance of the criteria.
Encl:
1. Annexure-I
2. Annexure-II
Yours faithfully,
(JAMEEL AHMAD)
Director
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