The State Bank of Pakistan (SBP) has directed all banks and microfinance institutions to enhance the operations of Close Circuit Television (CCTV) cameras in and around their branches.
The central bank, based on the representations received from various stakeholders and facilitate the phased installation of CCTV cameras in this regard, revised its Circular Letter No. 31 of 2022 that was dated October 26.
Under new revisions, banks/MFBs are advised to update their internal Standard Operating Procedures (SOPs) to prescribe and standardize, inter alia, installation points of CCTV cameras within and around branch premises (e.g. ATM vestibules, branch entrances, and any vantage point(s) outside branches), minimum preservation period of visual records, and quality of cameras deployed including minimum required resolution standards to enable round-the-clock recording.
“Moreover, banks/MFBs shall install CCTV cameras of at least five (5) Megapixels (MPs) instead of the earlier advised specification of at least six (6) MPs, along with allied paraphernalia (e.g. storage devices, wiring, etc.),” read the circular.
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Moreover, to facilitate the phased installation, SBP advised banks/MFBs to install the prescribed CCTV cameras at all critical points of the existing branch premises that are located in Tier 1 cities, as provided in Branch Licensing Policy, and high-risk geographies by March 31, 2025.
“For this purpose, banks/MFBs shall define high-risk geographies, and the number and location of critical points in and around branch premises in their updated internal SOPs for installation of CCTV cameras.
“In all new branches to be established and existing branches to be renovated under the normal course of the annual budgeted plan.”
The SBP said these requirements will also apply to all new branches being established and existing branches being renovated under the annual budget for CY2024, where procurement orders for CCTV cameras and related paraphernalia have not been placed.
The State Bank said that banks/MFBs may, at their discretion, opt for the accelerated installation of prescribed cameras across their entire branch network.
“Moreover, banks/MFBs are advised to submit a plan for implementation of the above regulatory instructions to the relevant Banking Supervision Department,” it added.
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