refer to Section – C of Prudential Regulations
G-1 regarding Management as notified vide
BPRD Circular Letter No. 12 dated April 24,
2. It has been decided to substitute Para
C-3 of the above mentioned section as under:
“3. The Chairman/Board shall not appoint
an `Advisor’ in any capacity. Accordingly,
all Banks/DFIs are advised to ensure appropriate
skill mix of the Board keeping in view the
overall risk profile of the institution.”
3. All banks/DFIs are advised
to ensure compliance within six months of
the date of issuance of the circular letter.
After which, the non-compliance shall attract
punitive action under relevant provisions
of the Banking Companies Ordinance, 1962.
4. Please acknowledge receipt.