KARACHI: The State Bank of Pakistan (SBP) has announced bifurcation of the Banking Conduct & Consumer Protection Department (BC&CPD) into two separate departments.

With a view to enhancing its supervisory role in the area of consumer protection, the State Bank has bifurcated the previous Banking Conduct & Consumer Protection Department (BC&CPD) into two departments, ie, Banking Conduct Policy Department (BCPD) and Consumer Protection Department (CPD) which are placed under Banking Policy & Regulations Group and Banking Supervision Group respectively.

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As per new directives, BCPD will be primarily responsible for policy matters in the areas of overall banking conduct, the SBP electronic Credit Information Bureau (SBP-eCIB) and private credit bureaus. CPD will look after operations side of conduct monitoring, consumer protection, complaints redressal and conduct risk assessment. In the context of this development, Syed Ali Raza has assumed the charge of Director, Banking Conduct Policy Department, State Bank of Pakistan with effect from July 27, 2023.

Copyright Business Recorder, 2023