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State Bank of Pakistan announced Wednesday that banks and DFIs are not required to report the information of the person terminated on account of fraud. Previously, under the verification of antecedents of persons seeking employment in banks/DFIs, banks were asked to report the same to SBP.
According to BPRD Circular Letter No 06 of 2016, it has been decided that, henceforth, the banks/DFIs shall not be required to report State Bank of Pakistan, the information of the person(s) terminated or forced to tender resignation from services of the bank/DFI on account of fraud, forgery, disciplinary action etc.
However, the banks/DFIs are expected to reinforce their existing systems and procedures to prevent the entry of unwanted persons in the banking industry, it added.

Copyright Business Recorder, 2016

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