President appreciates SBP, other banks for financial inclusion of disabled

KARACHI: President Dr. Arif Alvi on Friday appreciated State Bank of Pakistan's efforts and progress of other banks on improving the accessibility infrastructure for persons with disabilities and measures that increase financial inclusion of the disabled.

In particular, he also appreciated the establishment of a Working Group by SBP for pursuing this agenda.

The President commended the banks, during an online meeting with SBP Governor Dr. Reza Baqir, Special Assistant to the Prime Minister on Poverty Alleviation and Social Safety, Dr. Sania Nishtar, senior SBP officers and Presidents/CEOs of commercial banks.

The meeting took stock of the progress on decisions made for improving the accessibility infrastructure for persons with disabilities, said SBP statement here.

He said that plight of persons with disabilities had become even more critical in the middle of the prevalent COVID 19 crisis that was deepening pre-existing inequalities.

He also appreciated SBP’s specific role in taking a number of measures to address the likely negative economic impacts on individuals, businesses and banking institutions.

SBP's successful measures had reduced the negative impacts of COVID-19 on economic growth, employment generation and at the same time the Central Bank ensured that the banking and payment systems remain intact.

President Alvi, however, desired that timelines along with a clear vision must be defined for the Working Group.

He emphasized that such working groups might also be created at each commercial bank.

Creating awareness regarding various facilities for persons with disabilities was highly imperative and social media could play an important role in this regard, he said.

He said that the unavailability of concrete information about the number of people with disabilities was a major limitation for designing comprehensive plans to improve their quality of life.

He shared that the government was working with different stakeholders to have a better estimate of the number of people with disabilities that would help their identification and certification.

SBP Governor Dr. Reza Baqir assured that SBP would continue providing its full regulatory support to increase financial inclusion of persons with disabilities.

The banks’ Presidents/CEOs also pledged their full cooperation for this objective.

SBP presented an update on different action items decided in the last meeting of SBP with the President.

The action items included accessible infrastructure at entrance of all bank branches and ATM cabins, availability of forms and documents for basic banking services, accessibility audit of bank branches by SBP and allocation of credit targets for SBP refinance schemes on SME and Low Cost Housing Finance.

The Governor appreciated the exceptional interest and resolve of the President of Pakistan as a source of inspiration for all the stakeholders.

If the society did not provide appropriate support to persons with disabilities, it would lead to their economic disempowerment depriving them of their independent economic and social lives.

He remarked that persons with disabilities could economically support themselves and contribute towards the society at large when provided with adequate education, rehabilitation and financial and moral support.

He emphasized that a sizeable number of persons with disabilities do have the required capacity to work and contribute in the mainstream economic activities and thus successfully support their families.

He urged the banks to be cognizant of this gap and explore avenues to make inclusion of this untapped segment of the economy a reality.