SBP governor urges banks to explore opportunities

Advises increase banking presence to achieve SBP’s strategic goal (2020)

QUETTA: The State Bank of Pakistan’s (SBP) Governor Ashraf Mahmood Wathra, during his visit to Balochistan’s provincial capital Quetta, held meetings with CEOs of commercial banks and representatives of Quetta Chamber of Commerce and Industry (QCCI).

Continuing his earlier engagements with the banking industry and various chambers, he invited CEOs of all leading banks for a meeting on Monday. The purpose of this meeting was to tackle issues faced by the industries of specific areas, assess the efficiency of intermediary function performed by banks and address the limitations encountered by banks in effectively performing their roles.

Wathra advised to take a number of steps, which included preparing at least a three-year business plan to strengthen banking presence in the province and to take concrete steps to increase the number of branchless banking agents, accounts and ATMs.

Among other suggestions were opening branches in underserved districts, increase financing in concessional financial schemes of SBP and the government and maintain focus on AML/CFT risks.

These steps have been identified to increase the footprint of the banking industry in Balochistan, in a bid to achieve SBP’s strategic goal (2020) of enhancing Financial Inclusion in the country.

The SBP governor sensitised the CEOs of banks on continued improvement of security situation in Balochistan, realisation of projects under the China-Pakistan Economic Corridor, development of Gwadar Port and untapped natural resources, which together offer tremendous opportunities for growth and employment.

Published in The Express Tribune, March 21^st, 2017.

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