BPRD
Circular No. 5 |
January 21, 1998 |
All
Banks
Dear
Sirs,
MEETINGS
OF BOARDS OF DIRECTORS.
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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.
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Yours
faithfully,
Sd/-
(Mansur-ur-Rehman Khan)
Director |
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