KARACHI: State Bank of Pakistan has issued new guidelines of Business Conduct for Banks. The underlying philosophy of issuing such guidelines is to outline standards and course of actions which the banks have to follow in dealing with their customers.
The guidelines contain application & definitions, banks’ key commitments, general obligations to its customers, general disclosure of product & services and standards of conduct. They set out the minimum standards for service and conduct the consumer expect from banks. In order to facilitate the stakeholders related regulations/instructions issued from time to time have also been made part of the document.
All banks are required to follow these guidelines in letter and spirit.