SBP Banking Services Corporation was created under an Ordinance in 2001 as an operational arm of SBP, but its governance structure remained under close supervision of the SBP. However, as I strongly believe that there should be a balance between independence of a subsidiary based on its operational and functional responsibilities, and supervision by the parent company at arm’s length. Accordingly, I have focused on enrichment of SBP BSC’s governance framework through its independent Board meetings to have exclusive focus on improvement of policy framework and systems, suited to the requirements of SBP BSC, allowing enhanced operational efficiencies. The meetings of Corporate Management Team (CMT) are being held on a regular basis too, which provide a principal forum in critical policy formulation and resolution of operational issues of both SBP and SBP BSC. We have also started to inculcate the system of professional decision making, transparency and accountability in both the organizations through effective delegation of responsibilities and clearly defined limits of authority at all levels, which strengthens the motivation and commitment towards achievement of overall strategic goals.
I am happy to note that during the year under review, SBP BSC has been able to develop a framework of critical policies that include Promotion Policy, Training & Development Policy, Higher Education Policy, Professional Development Incentives, Contractual Employees Hiring Policy, and Absorption Policy along with amendments in the existing Deputation Policy. Further, management of SBP BSC steered the promotion process across the organization in a smooth and transparent manner that provided career development opportunities to employees, both officers and staff. In addition, continued emphasis on automation, particularly in General Banking, Currency and Exchange Management, through use of technological platforms, has reinforced our Foreign Exchange and Currency Management regimes.
I am pleased that SBP BSC, in addition to its core responsibilities has been complimenting the efforts of SBP for broadening and deepening of financial system. However, this is just a beginning in the right direction. MD and his team should continue to make concerted efforts to build upon the good work and raise the bar further, so as to meet the expectations of all stakeholders. In order to provide support towards change initiatives, critical plans must be adopted to strengthen HR base, improve motivation and enhance efficiencies through rationalization of HR capital. I am of the view that with these changes initiatives; organization should be able to undertake its functions with new zeal and optimum efficiency.
With the recent launch of SBP’s Strategic Vision 2020, SBP BSC would need to remain continuously engaged towards alignment of its services with SBP’s strategic goals and tactical objectives. I expect that the strategic planning exercise of SBP BSC would also deliver positive results. The new Strategic Plan should help the management to develop a road map with clear milestones and bring about more clarity on SBP BSC’s future role, so as to expand its mandate in line with SBP’s strategic goals.
I would like to express my gratitude to SBP BSC’s Board of Directors for their support and cooperation in further aligning the role of SBP BSC as per its mandate. While appreciating the efforts of management and the staff of SBP BSC, I would urge upon all to make best endeavors towards achieving common goals of SBP and SBP BSC.
ASHRAF MAHMOOD WATHRA
State Bank of Pakistan