Circulars/Notifications - Banking Supervision Department  
 BPRD Circular No. 5
January 21, 1998   

All Banks

Dear Sirs,

MEETINGS OF BOARDS OF DIRECTORS.

 

It has come to our notice that some Pakistani Banks have been holding meeting of their boards of Directors outside the country. This tendency on the part of banks leads to wastage of resources without any benefit to depositors/customers.

All Pakistani scheduled banks/NIBFIs incorporated in Pakistan are, therefore, directed that they should not ordinarily hold their Boards of Directors meeting abroad. In case it is considered necessary to hold meeting abroad for certain valid reasons prior approval from the State bank of Pakistan should invariably be obtained.

Please acknowledge receipt.


Yours faithfully,
Sd/-
(Mansur-ur-Rehman Khan)
Director

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