SBP’s guidelines on cyber security provide instructions in the realms of management responsibility and risk ownership, periodic evaluation and monitoring of cyber security controls, regular independent assessment and tests, and industry collaboration as well as contingency planning.

The new guidelines require the Board of Directors of the institutions to regularly evaluate the adequacy of cyber security systems and action plans with regard to emerging cyber threats. The senior management is required to ensure that an organizational plan of action for cyber security management exists in each institution and is regularly reviewed and updated for implementation.

It may be noted here that cyber threats have become a global phenomenon and are continually growing in sophistication and impact, despite the advances in cyber-security technologies and practices. SBP has always proactively strived to provide an enabling regulatory framework in order to cope with new threats.

While the new technologies and their application in banking system has created new opportunities for the efficient and cost-effective delivery of services, these have also posed a number of new threats and risks.

It must be mentioned here that SBP has only issued notifications about the procedure that should be carried out however it has failed to mention any specific security updates/upgrades that should be implemented.

The banks/DFIs/MFBs are required to make necessary arrangements to comply with the instructions latest by December 31, 2016.

The full statement issued by SBP in this regard can be viewed here

Khurram Zahid

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The ceremony was attended by Mr. Ashraf Mehmood Wathra, Governor State Bank of Pakistan where an independent jury evaluated all the entries in eight different categories before finally announcing the winners.

The jury for the inaugural Pakistan Banking Awards included former SBP governor Syed Salim Raza, Pakistan Institute of Corporate Governance CEO Fuad Hashmi, State Life Insurance Corporation Chairperson Nargis Ghallo, former banking ombudsman Azhar Hameed, and former regional head for Citibank Middle East and Pakistan Shehzad Naqvi.

Speaking on the occasion, former SBP governor Raza highlighted the increased levels of banks’ investments in government papers.

United Bank Limited was awarded as the best bank for playing a major role in national development along with efficient management of its resources.

Habib Bank Limited clinched the Best Bank for Small Businesses and Agriculture Award for its strong performance, diversification and quality of small and medium enterprises (SME) and agricultural lending across the country. HBL also took the award for the Best Environment and Social Governance Bank for contributing the most in terms of the long-term sustainability of the environment, employees, customers and communities.

Next, Tameer Microfinance Bank bagged the Bank the Unbanked Award. It received the award for directing special focus to financial inclusion by increasing its outreach through rural and low-income urban penetration and diversification among all segments of account holders, including female account holders. It also got the Best Microfinance Bank Award for being the best all-around microfinance bank in terms of penetration, outreach, efficiency and access to low-income communities across Pakistan.

Best Bank for Corporate Finance and Capital Market Development award went to Muslim Commercial Bank for excelling in promoting capital market development, deepening secondary markets and providing advisory services to optimise the efficient use of industrial and commercial assets.

Pakistan Banking awards would’ve been incomplete without the inclusion of Islamic Banking as well. Here, Meezan Bank received the Best Islamic Bank Award for making the most progress in extending and expanding its Islamic banking franchise and raising public awareness.

Bank Alfalah won the best customer franchise award for its outstanding service delivery and attention on catering to customer’s requirements.

It’s great to see the banking sector enjoying a healthy environment and competition aimed at providing  banking consumers in Pakistan top quality services. We hope that the banks that failed to clinch an award this time around will strive hard to provide better services and become deserving for the awards next year!

Khurram Zahid

The post UBL Bags Best Bank At Pakistan Banking Awards 2016! appeared first on Smartchoice.pk.

PayPak’s strategic objective includes offering Domestic Payment Scheme to provide low cost payment services to every citizen of Pakistan.

The launch event was organized by 1LINK (Guarantee) Limited and was held at Pearl Continental Hotel, Karachi on April 05, 2016. The event was attended by various senior officials from the regulatory body and the banking industry.

PayPak was officially launched by the Chief Guest Mr. Ashraf Mahmood Wathra, Governor; State Bank of Pakistan, Mr. Saeed Ahmed, Deputy Governor, State Bank of Pakistan and Mr. Ashraf Khan, Executive Director, Operations, State Bank of Pakistan.

Mr. Ashraf Mahmood Wathra, after launching the Domestic Payment Scheme on the occasion said “With the launch of PayPak, Pakistan has become the 28th nation in the world to launch such a card scheme. We encourage all banks to utilize this new service and pass benefit to end customer”.

“1LINK has introduced various innovative services to promote electronic banking and financial inclusion, launch of ‘PayPak’ domestic scheme is the key milestone to make cards and electronic payments in reach of masses” said Mr. Faisal Ejaz Khan, CEO; 1LINK (Guarantee) Limited while addressing the event and explaining his vision, road map, objective and benefits of launching  Pakistan’s First Domestic Payment Scheme.

This local card scheme has received overwhelming response from banks, over 19 banks have already signed up for PayPak to launch debit card services including Habib Bank, Bank Al Habib, NRSP and many other.

1Link has always been in the forefront of enablement of the poor in the country by providing support to BISP, WATAN cards, IDP cards etc.  Launch of PayPak is also a step in the same direction.

The event concluded by giving away souvenirs to all major contributors in the Payment Industry of Pakistan.

Khurram Zahid

The post “PayPak”- Pakistan’s Domestic Payment Scheme launched. appeared first on Smartchoice.pk.

State Bank has also permitted the exchange houses to install ATMs (agreement with any authorized bank) at the premises for which no prior approval from SBP is needed. For bill collection, however, the copy of the final agreement with the companies would need to be submitted to the Director of Exchange Policy Department of State Bank in Karachi.

Both the bill collection and currency dispersion via ATMs would be in PKR. The main purpose for this step is to not only enhance the business scope of Exchange Companies but also provide more venues to the people to pay their bills with ease. Bill payment is already done through various avenues, for example banks, mobile banking, internet banking, ATMs, Kiosks etc and Exchange Houses will be the new channel for bill payment.

Khurram Zahid

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