State Bank of Pakistan (SBP) has imposed a complete ban on foreign tours of bankers for the purpose of training. All sponsored visits, in particular those by third parties, are strictly banned.
In a recent circular, the central bank said that bankers are not allowed to avail foreign tours on account of meetings or retreats on the behalf of their banks and third parties for achieving targets.
“It has been noted with concern that few banks, in collaboration with third parties, are sending large groups of staff abroad on various pretexts including management meetings and rewards for achieving sales targets, resulting in unnecessary outlays of foreign exchange,“ the circular stated.
Governor SBP Ashraf Mahmood Wathra earlier announced the same policy word by word in a meeting with bank Presidents and CEOs in front of media.
Our sources in banking sector have stated that despite the policy announcement by Governor SBP, some banks are not following the instructions in letter and spirit and have organized trips.
Source also said that Muhammad Akther Javeed, who resumed charge as head of Banking Policy & Regulations Department, issued a fresh circular after he found out that no notification issued on the Governor’s orders.
SBP only allows banks to send their staff abroad for limited purposes, which include advanced training, technology acquisition, managing networks abroad and the occasional board meeting.
SBP also asked banks to formulate a comprehensive “Foreign Travel Policy” and submit it by June 13, 2017.
State Bank’s own employees goes on foreign sponsored tours more than any other commercial bank. So they better clean their house first.
AGreeD with @disqus_f4tuCi5q2E:disqus..
State Bank impose rules to all banks and they are not following these imposed rules like Branch Customer Care timing is 9 to 7 pm in different Banks they all are goto there homes @ 5:00 pm sharp..
Better to follow first then implement to others..!
any proof about the 9 to 7 timings?
Any proof would be awesome.
If you really want to save the foreign exchange, why not ban foreign trips of parliamentarians? They are using public money anyway
Right, specially hospital treatments.
Sponsored trips are simply bribes. It is done everywhere. The biggest problem of sponsored tours and associated stuff is in the medical industry. Nearly all doctors have been corrupted due this.
This is a very good news. Many large technology suppliers invite Bank IT peoples to paid trips to their headquarters in the West. Also Jazz/Mobilink used to take top CIO of Banks and multinationals to foreign trips 100 people at a time and also have tambola night where LCDs/LEDs were given out to specific IT managers. These bans by State Bank is a very good step and will reduce corruption in society. It should be extended to include tambola nights and SECP should implement across multinationals also.
I think Wathra is insane, he must understand bank never allow such activities unless necessary.Wathra himself were doing street shows to sold Euro Bond,there’s nothing as accountability. Simple rule .. wo karen to acha- hum karen to sala character dheela hai :D
sponsored trips AKA Bribes.
Same is required in pharma companies too! they sponsor foreign tours to their to doctors!