STATE BANK OF PAKISTAN

About STATE BANK OF PAKISTAN

State Bank of Pakistan was established in 1948 and is governed by the State Bank of Pakistan Act 1956.After getting autonomy on 21st January 1997 through an act of Parliament, the Bank embarked on a massive restructuring and capacity building program in 1999-2000 and now in 2006 in areas of Reconstruction and Consolidation of Functions, Human Resources Development, Technology Up gradation, Delegation of Authority, and Improvement of Physical Environment. After restructuring, the functional and management strategies were aligned with strategic objectives which are derived from vision and mission statements of the Bank. The Functional Strategies envisaged that during next five years, the Bank will continue to ensure soundness of the financial sector, effective monetary management of the economy, prudent exchange and reserve management and efficient and sound payment systems.To achieve these strategic objectives,SBP will focus its efforts on financial sector deepening, proactive supervision and regulation of financial institutions, privatization of the Public Sector Banks and divestment of Government shares in privatized banks and promotion of Islamic banking as a parallel system. Further to supplement these initiatives and strengthen the banking sector,projects like Real Time Gross Settlement (RTGS) System,promotion of E-banking,establishment of an electronic clearing house,development of Public Key Infrastructure(PKI) and Digital Certification are under implementation. Management Strategies, linked up with Functional Strategies, are to ensure the availability of supporting infrastructure to effectively implement the plans. Main focus of Management Strategies is on employee attraction, retention and motivation,institutionalizing succession planning.Also, SBP focuses on enhancing its Management Information System(MIS),streamlining its procedures through Business Process Re-engineering(BPR) and a stronger risk based and IT audit function.