The Presidents/Chief Executives,
All Banks/DFIs.

Dear Sirs/Madam,

CLARIFICATION- SECURITY STANDARDS FOR ENHANCEMENT OF SECURITY OF THE LOCKERS

Please refer to para 2(iv) of BPD Circular No.27 dated 4th August 2004 on the captioned subject.

2. The above para has been substituted as under:
iv) Henceforth, while renewing the security contract with the security agencies, banks/DFIs shall ensure that the security agency to be appointed is from among the Pakistan Banks Association (PBA) approved panel of security agencies. The head of security agency will give an undertaking that in the event of any act of vandalism caused due to the involvement of whatsoever nature of security company or its guards, the security agency will be liable to make good the losses, if any, suffered by the bank/DFI. In case the bank branches are providing safe deposit locker facility in areas where security agency on the PBA approved panel is not available, the bank/DFI shall carry out due diligence at the branch for the appointment of their own security guard(s).

3. All other instructions on the subject shall, however, remain unchanged.

Please acknowledge receipt.