INSPECTION OF BANKS/NBFI-ADHERENCE TO TIME SCHEDULE

As you are aware the drafts of the Inspection Reports on the affairs of Banks/NBFIs prepared by the inspection teams of our Banking Inspection Department are invariably discussed with management of the bank/NBFI, before their finalization. It is regretted to note that the discussions by the management of the institution concerned with the inspection team are not held promptly on the stipulated date on one pretex or other, thus delaying the finalization of the inspection report inordinately. It has now been decided that henceforth the management of the banks/NBFIs shall be under obligation to discuss the draft of the inspection report with the inspection team within 30 days from the receipt of the draft report.

Banks/NBFIs are advised to ensure strict compliance of above instructions failure to which shall attract penal actions under Banking Companies Ordinance, 1962.

Please acknowledgment receipt.

Yours faithfully,

(KAZI ABDUL MUKTADIR)
DIRECTOR