The National Assembly Standing Committee on Finance and Revenue passed the Banking Services Amendment Bill 2020.
The meeting of the National Assembly Standing Committee on Finance and Revenue was held at the State Bank of Pakistan under the chairmanship of Member National Assembly, Faizullah. State Bank Governor, Dr. Reza Baqir, welcomed the standing committee members.
During his speech at the occasion, Baqir said that he considered it a privilege to host the standing committee meeting and discuss the issues on the agenda.
According to a press statement issued after the meeting, the Governor SBP briefed the committee on the amendments related to the State Bank of Pakistan (SBP) Banking Services Corporations (BSC) Act desired by the SBP and explained that the changes are required to smoothen the operations of SBP BSC.
Governor SBP, Deputy Governor Banking, and Managing Director SBP BSC, Muhammad Ashraf Khan, replied to various queries of the standing committee.
After a detailed discussion, the committee unanimously passed the Banking Services Amendment Bill, 2020. However, the committee members expressed their concerns over the qualifications required for said position and the difference in the degree qualifications of the NBP President.
He also briefed the committee on the desired amendments to the SBP Banking Services Corporation Act and explained why the central bank thinks that these amendments are necessary.
The committee also discussed at length the issues related to the hiring of qualified personnel in the NBP, to which the deputy governor gave detailed responses. It was also highlighted during the meeting that there was a thorough procedure for hiring officials for the NBP, and no illegal hirings had taken place.