Please
refer to Prudential Regulation No. 26 for Microfinance
Banks (MFBs).
2.
It is clarified that all MFBs shall seek State Bank of
Pakistan’s (SBP) prior clearance for the members
of their Board of Directors and their President/CEO upon
their re-election/re-appointment, as the case may be.
3.
Accordingly, the last paragraph of the Fit & Proper
Criteria for Members of Board of Directors and President
/ Chief Executive Officer of Micro Finance Banks (MFBs)
shall read as:
“7. Prior Clearance
The MFBs shall submit information about the Board Members
and/or President/Chief Executive Officer to State Bank,
as per the Proforma enclosed as Annexure-C, for clearance
before selection/appointment or re-appointment/renewal
of term of Directors and President/Chief Executive Officer.”