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Banks asked to submit details of directors

KARACHI: State Bank of Pakistan (SBP) has asked all banks, development finance institutions (DFIs) leasing, Modaraba and investment banks to submit details of their respective members of board of directors.

In a circular to all banks here Wednesday, the SBP said that details must contain the name of member of the board, his father's name, identity card number and other necessary details.

The SBP circular follows a presentation by State Bank Governor, Dr. Ishrat Hussain at the central bank's head office during the visit of Chief Executive General Pervez Musharraf last week.

Dr. Hussain said the Central Bank has planned to bring about necessary changes in the structure of financial institutions to ensure transparent functioning of the banks.

The private banks will also be furnishing details of their board of directors. APP