970429

BPRD Circular No. 11
Dated the 29th April, 1997

Effective immediately, all postings and transfers to and from overseas branches of Pakistani Commercial Banks shall be made on the basis of a clearly defined criteria to be developed by their respective Boards of Directors. Appointment of Chiefs of Branches and above will require prior No Objection Certificate from the State Bank.

Banks are, accordingly, directed to develop a clearly defined policy of foreign postings and transfers within a period of 30 days. The policy may be referred to the State Bank for clearance and its enforcement be strictly ensured.

Deviations/violations of the defined policy will render the concerned officials liable to action under the provisions of Banking Companies Ordinance, 1962.