The Presidents/CEOs,

All Micro Finance Banks

Dear Sirs / Madam,

Submission of Periodical Returns and Minutes of Board of Directors’/General Meetings

As a consequence of recent internal restructuring at the State Bank, the Offsite Supervision & Enforcement functions have been transferred to the “Offsite Supervision and Enforcement Department (OSED)”. All Micro Finance Banks are, therefore, advised to henceforth submit periodical returns (i.e. Biweekly statement of Affairs and Quarterly Report of Conditions -QRC) to OSED instead of this department.

2. Microfinance Banks shall also submit certified copies of the approved minutes of meeting of their Board of Directors (BoD) and the general meetings (AGMs / EOGMs) to OSED with a copy to SME & Microfinance Department, within fifteen days of the date of the meeting in which these minutes were approved, along with the particulars of the directors present in the said meeting. It must be ensured that the minutes also contain the details of matters decided/resolved through circulation. The approved minutes should be submitted in the form of hard copies, certified by the company secretary, to both OSED & SME & Microfinance Department whereas the soft copy of minutes on a floppy diskette/compact disk shall be submitted to OSED only.

The above-mentioned returns/minutes shall be submitted to OSED at following address:

The Director
Offsite Supervision & Enforcement Department
7th Floor, Main Building
State Bank of Pakistan, I.I. Chundrigar Road
Karachi.
Tel# 021-9212602.

Please acknowledge receipt.