Banking Services Corporation (BSC) set up in January 2002, is the subsidiary of the

State Bank of Pakistan and is entrusted with the task of currency management and
operational and administrative oversight of foreign exchange departments, export
and other finance, management of Government accounts and operational work
related to Government certificates. With the changing environment of banking
sector, BSC has undergone significant change. On one hand BSC has had to
relinquish certain functions, it performed at the time when both interest and credit
and foreign exchange was rigorously regulated. On the other hand, it has to
reposition itself to the deregulated environment (while continuing to perform some
old functions such as related to Export Finance Scheme) and be equipped to deal
with a transformed Central Bank and banking system. The challenges posed by
these changing requirements have been phenomenal but BSC has been steadily
shifting its goals and objectives to align it with the new demands. Going forward,
SBP is now working closely with BSC to develop a strategy for its further
transformation to assign a more relevant Mission to it in line with the withdrawal of
some of its old functions, consolidate the organization, fully automate its services
and introduce a new culture of change management along with better enforcement
of the performance management systems. Developing adequate capacity and
managerial skills along with better internal controls will be critical to achieve the
anticipated transformation.

Key Functional & Operational Areas

1. Currency Management
2. Foreign Exchange Operations and Adjudication
3. Export Finance Scheme
4. Payment and Settlement Systems
5. Banking Services to the Government
The current members of the Board of SBP-BSC:

Chairman: Mr. Ashraf Mahmood Wathra

Governor

Dr. Waqar Masood Khan

Secretary, Finance Division,
Government of Pakistan
Appointed on April 16, 2013

Mirza Qamar Beg

Appointed on May 27, 2009
Present term ends on May 25, 2015

Mr. Mehmood Mandviwalla

Appointed on February 26, 2013
Present term ends on February 25, 2016

Mr. M. Nawaz Tiwana

Appointed on February 26, 2013
Present term ends on February 25, 2016

Mr. Iskander Mohammed Khan

Appointed on February 26, 2013
Present term ends on February 25, 2016

Khawaja Iqbal Hassan

Appointed on February 26, 2013
Present term ends on February 25, 2016

Mr. Muhammad Hidayatullah

Appointed on March 15, 2013
Present term ends on March 14, 2016

Mr. Zafar Masud

Appointed on March 16, 2013
Present term ends on March 15, 2016

Mr. Qasim Nawaz

Managing Director SBP-BSC
Appointed on May 26, 2014

Sahar Z. Babar
Corporate Secretary

Internal Audit Department

Introduction

The Internal Audit Department was established for the purpose of providing management and the Audit Committee
BSC- Foreign
Exchange
Department
of the State Bank of Pakistan Banking Services Corporation
with reasonable
assuranceOperations
that the management
control
systems throughout the SBPBSC (Bank) are adequate and operating effectively. The Internal Audit Department
provides valuable support in maintaining the public's confidence by performing independent and objective reviews
and subsequent reporting.
What are Internal Controls and Who is Responsible for Them?

Internal Controls can be categorized as either accounting controls or administrative controls. Accounting controls are
designed to safeguard Bank assets and ensure the accuracy of financial records. Administrative controls are
designed to promote operational efficiency, effectiveness, and adherence to Bank policies and procedures. Bank
management is responsible for designing and maintaining an adequate system of internal control. Internal Audit
independently reviews and evaluates the adequacy of the system of internal controls and makes recommendations
State Bank of Pakistan, Banking Services Corporation (Bank) came into existence after bifurcation of State Bank of Pakistan under
to management to improve these controls based on system testing and control analysis.
SBP Banking Services Corporation Ordinance 2001 promulgated by President of Pakistan. It started operations from the 2nd January
2002. Consequent upon establishment of SBP, BSC (Bank), the Exchange Policy Department of the then State Bank of Pakistan was
bifurcated
intoof
two
Departments.
The operation side come under the jurisdiction of the SBP, BSC, Bank, and H.O.Karachi and is
Types
Audits
Performed
functioning as a full-fledged Department. The Policy side was shifted to the State Bank of Pakistan and working as a full-fledged
Department.Incidently, title of both the Departments is Exchange Policy Department.
The Internal Audit Department is expected to perform the following wide range of audit services including financial
audits, compliance audits, operational audits, information technology audits, and consulting services. Currently
compliance
audit and
is being
very in
soon
audit
will
start operating
The business
process
role done
of thishowever
Department
theIT
SBP
BSC
(Bank),
Head office is as under:
Financial
Audits
address
regarding
accounting
and the propriety
of financial
ExchangePolicy
Department
(EPD),
SBP, questions
BSC (BANK),
is an important
department
of the State
Bank oftransactions.
Pakistan, Banking Services
Corporation (Bank), Head Office Karachi. The business process of this Department is carried out in dual direction. On the one hand
this Department has to guide/monitor the foreign exchange operations taking place at sixteen field offices and on the other hand
Audits determine
the degree
of adherence
to region.
laws, regulations,
policies,
and
look afterthe Compliance
day-to-day operations
of the Authorized
Dealers
of Karachi
Both the above
tasks
areprocedures.
completed under the
umbrella of foreign Exchange Regulation Act, 1947(FER Act, 1947). Further, the Foreign exchange Manual (Eighth edition 2002 is
also referred for dealing the day-to-day operations of the Authorized Dealers. The instructions on different Policy matters are issued
SBP,
Operational
Auditsissuance
review operating
information
and procedures
to determine
modifications
of the
by the EPD,
Karachi through
of F.E.Circulars
and circulars
letters. These
circulars ifasany
well
as Foreign Exchange
Manual
are available on
State Bank
Web
page.
operations
could
result
in greater efficiency and effectiveness.

Information Technology Audits evaluate system processing controls, data security, physical security,
This Department also acts as a field office as other 16 field offices and discharge its duties under the instructions contained in the
systems development procedures, contingency planning, and systems requirements.
Booklet of instructions (third Edition1989). The fourth Edition of Booklet of instruction is under compilation in the Policy Division of
EPD SBP, Karachi.

Management Audit reviews an independent and objective of management capability. It is used when
institution is planning for change and to evaluate executives skills and potential.
The work of the Department is operational nature for which Foreign exchange offices are set up at 16 field offices in major cities of
Pakistan. Administratively, the Department is divided into four Divisions, out of which one is looked after by a Joint Director and
Consulting
Services
encompass
wide range
services,
which
Bank
community
to utilize
the
remaining three
by Junior Joint
Directors.
These aDivisions
are of
again
divided
into allow
eight the
units,
which
are headed
by Assistant
Department's financial and information technology expertise to address a known problem or need.
Directors.
The organization chart of the Department
Meet
the Internal
Audit
Staff of the Department are as under:
The brief
functions
of different
sections
Exchange Entitlement Certificates.
The Internal Audit Department tries to regularly participate in professional development programs to maintain and
enhance their professional skills. Certified members of the staff complete the required continuing professional
education each year to maintain their professional licenses. To find out more about audit, please contact any of the
following. All other mail should be sent to the Head of Internal Audit Department
To issue Exchange Entitlement Certificate (EEC) in respect of Foreign Exchange Private Loans viz. commercial credit, buyer

NAME

credit & foreign equity.

DESIGNATION

TELEPHONE NO

E-MAIL ADDRESS

Outward Remittances.
Mr. Maraj Mahmood

Head-IAD

021-99221392

Mr. Asif Mumtaz

Joint Director

021-99221503

Asif.Mumtaz@sbp.org.pk

Mr. Ahmed Tariq

Joint Director

021-99221220

ahmed@sbp.org.pk

maraj.mahmood@sbp.org.pk

To allow outward remittances on Forms M, Forms I in respect of import of Machinery/Parts/Accessories/Books,

repayment of commercial loan instalments, courier service charges, refurbishment/repair of Machinery Charges,
Demurrage Charges on chartered vessel, freight charges etc. remittances against EAD allocation allowed by
Exchange Account Section EPD.
To allow outward remittances on Forms on account of surplus funds of Foreign Insurance Companies.
To allow outward remittances on Forms M on account of freight, advance to agents, cost of bunker, cost of
lubricants, container charges Marconi charges, cost of paints/spares/chemicals, Dry Docking expenses,
insurance premium of PNSC own & chartered vessels, repayment of loans obtained for purchase of ships, lease
rental of local airlines.

Permissions/Approvals/NOCs.

To allow re-export of frustrated cargo, to establish/renew Revolving Letter of Credits for Insurance Claims,
permission to issue Foreign Currency Insurance Policies, issuance of exemption certificates from export
procedure for export of Pakistani publications, permissions to work as agents of foreign courier companies,
NOC for free gift parcels/baggage.

Statements.

To scrutinize statements A & B of Pakistani Oil Companies, sale statements of Diplomatic bonded warehouses,
Earning & Expenditure statements of Local Airlines & Shipping companies, freight export manifest of PNSC & PIA.
Preparation & submission to the concerned quarters, overdue statement of Bills of Entry above USD 50,000/, statement of future payments of IBRD for World Bank Debt, statement of Debt Servicing, weekly statements of
Visible/Invisible remittances against EAD allocations, statement of litigation. To scrutinize statements of down
payments.

To scrutinize monthly statements of foreign currency account maintained abroad by the PRCL & NICL.

To scrutinize statements against foreign currency insurance policy issued by insurance companies.

Post-facto checking.

Post-facto checking of utilized Forms I & Forms M of entire unit received through our Return Section in respect
of outward remittances.
Post-facto checking of cases of reinsurance business submitted by the insurance companies alongwith utilized
Forms M through their A/Ds.
Post-facto checking of Claim documents on account of claims settled abroad under Revolving of Credit by the insurance
companies.
To prepare consolidated statement from the weekly statement of import of sugar, raw sugar and edible items

received from all commercial banks and pass to M.O.C. under intimation to EPD: SBP:

To prepare consolidated statement from the fortnightly statements of import of refine sugar received from all commercial
banks for onward submission to M.O.C.
To prepare month-wise consolidated statement of LCs opened/contract registered for imports with the
Authorized Dealers from the monthly statements received from all the commercial banks for onward submission
to different quarters.
To sort out the export overdue statement (area-wise) from the statements received from all the commercial
banks on form V-15, V-16 and V-17 and passes on to respective field offices.
To prepare consolidated fortnightly statement of outstanding commitment against cash resources (import)
from the statements received from all the Authorized Dealers and pass it on to Research and Statistics.
To prepare consolidated statement of earnings against Export of Software from the statements received from
all the SBPBSC (Bank) Offices and pass it on to different quarters.
To prepare consolidated statement of Rates of Profit on Dollar Deposit Frozen F/C Account from the statements received
from all the Authorized Dealers and put-up to Director.
To maintain a register where details of Nostro Account opened/closed by the A.Ds are recorded.

To prepare Half-yearly consolidated statement of Commission earned in Foreign Exchange by Indenting Agents,
Tour Operators and Patents & Trade Mark Attorneys from the statements received from all SBPBSC (Bank)
Offices for onward submission to EPD: SBP:

RENEWAL OF AUTHORISED MONEY CHANGER LICENCES, KARACHI REGION

To renew Authorized Money Changer (AMC) Licenses pertains to Karachi region after completion of all allied formalities.

RENEWAL OF AUTHORIZED MONEY CHANGER LICENCES, OTHER CITIES

To convey approval of competent authority to the Area Control Officers of SBPBSC (Bank) after checking the documents
and completion of all allied formalities in the cases of renewal of AMC licences received from Authorized Money Changers in
other Cities.

WEEKLY STATEMENTS OF SALE AND PURCHASES OF FOREIGN CURRENCIES

To maintain the record of sales/purchases of foreign currency notes as per weekly statements submitted by the Authorized
Money Changers in Karachi and consolidated statements received from Area Control Officers.

OUT FLOW/INFLOW OF FOREIGN CURRENCY NOTES

To maintain the complete record regarding outflow of foreign currency notes other than US Dollars and inflow of US Dollars
either through Airport or remittances through T.T in SBP Accounts Review/information is submitted to EDMD and Accounts
Department.

INSPECTION OF MONEY CHANGERS.

To inspect the offices of Authorized Money Changers as and when desired by the competent authority.

MISCELLANEOUS WORK.

To entertain the cases forwarded by the all offices of SBPBSC (Bank as well as Karachi regarding different issues of money
changers i.e. change of address, complaints against money changers, Forex proposals, correspondence with Income Tax
Department, Custom Authorities and other misc. issues.

EXCHANGE COMPANIES.
PERMISSION CASES.

To examine the requests of the exporters on various nature/ issues relating to their exports.

To refer the cases to EPD: SBP: for their comments/guidelines as the issue not covered under the existing
instructions.
To review and comments on the cases/issues referred by other Departments and institutions.

EXPORT OVERDUE CASES

REMITTANCE OF VISA FEES.

Approval of Forms M on account of visa fees submitted by Foreign Embassies/consulate general through A.D.

REUTERS/SWIFT CHARGES

Approval of Forms M for remittance of Reuters/Swifts Service Charges to A.Ds and to SBP.

BLOCKED ACCOUNT STATEMENTS

Head Offices/Principal Offices of A.D. are required to submit yearly statements of Blocked Account by the 7th January each
year. A consolidated statement is compiled and filed in the Section.

CONFIRMATION OF P.R.Cs.

The Encashment Certificates/Proceed Realization Certificates issued by the A.D. are verified with relative schedules as and
when received from different Sections.

HAJJ FORMS.

H Forms with relative Encashment Certificates in respect of sponsorship Hajj Scheme are segregated and H Forms
pertaining to Field Offices of SBPBSC (Bank) are forwarded for necessary action at their end those forms relating to
Karachi Area are kept in the Section for confirmation of PRCs with schedules J/O-3.

LEGAL ACTION AGAINST IMPORTERS OF KARACHI AREA

Legal action against importers who have made remittances and could not produce required this Section takes documents
pertaining to Karachi Area.

IMPORT CASES OF ALL OFFICES OF SBP:

All the Field Offices of State Bank of Pakistan refer their import cases for approval of legal action or for any other
instructions in the cases as required by them to this Section.

OTHER FUNCTIONS:

Cases of default in respect of currency Racketeering, Medical treatment of Pakistani abroad, under invoicing and
over invoicing in Export/Import from all the Offices are dealt with by this Section.

ACTION AGAINST BONDED WARE HOUSES.

The Bonded Ware houses who have not repatriated the commission are violated any other instructions are
dealt in this Section.

ACTION AGAINST COMMISSION AGENTS:

This Section takes legal action against the Commission Agents Recruiting Agents working in Pakistan and
Pakistanis working abroad.

NOTIFICATIONS ISSUANCE OF:

Enforcement Section approaches to the Ministry of Finance for issuance of Notification under Section 19(2) and
Section 23(2) of FER Act 1947 and publication of the same in the Gazette of Pakistan every year and after
receipt of its copies from Ministry of Circulate it to all concerns.

MARTIAL LAW CASES:

Cases pertaining to Martial Law Regulations of 1972 are conducted by this Section

BSC- Foreign Exchange Adjudication Department

Mission Statement

An independent department entrusted with fair and just resolution of complaints in order to protect economic interest of
Pakistan while ensuring the rights guaranteed by the constitution and laws of Islamic Republic of Pakistan.
Vision Statement

To develop a strong and dynamic team to perform adjudication process efficiently and effectively.
History

In the year 1987 the F.E.R. Act was amended with a view to establishing adjudication process for deciding cases of
offences relating to non-repatriation of export proceeds within the stipulated period and misuse of foreign exchange
released by State Bank or Authorized Dealers. Such offences were to be adjudicated by the Officers of State Bank Banking
Services Corporation in order to have better co-ordination and quick disposal.
In pursuance of this amendment the Central Board vide Governors Memorandum of January, 1988 decided to establish
Foreign Exchange Courts at various centers of State Bank. Accordingly, Notification regarding appointment of Adjudicating
Officers and their territorial jurisdiction was issued by the Ministry of Finance on 11-08-1990. The said Courts, however,
started functioning from December, 1990. At present nine Courts are functioning three at Karachi, two each at Lahore and
Sialkot, and one each at Multan and Faisalabad.
The total number of cases referred to the Adjudication Department since its inception up to June, 2013 are 30,212 and
18,804 cases were either closed on repatriation of export proceeds or finally adjudicated and fines imposed. The amount
of foreign exchange repatriated during adjudication proceedings amounted to US$ 296 million.

BSC-Accounts Department
After having come into existence as a separate entity, the function of Accounts Department, SBP Banking Services
Corporation (Bank), Head Office, Karachi has been augmented and distributed to its five Division in given order:

1. Financial Management and controls Division:

a) Consolidation of Accounts of field Offices ;

b) Preparation of weekly statement of Affairs of BSC for issuance ;
c) Preparation of Profit & Loss Account and Balance Sheet as on 30th June each year ;
d) Reconciliation of General Account relating to Inter-office transactions ;
e) Monitoring of contraction and expansion of Currency Operations.
2. Govt. Accounts/ Remittance & Administration Division:

a) Maintenance of Federal & Provincial and District Govt. Accounts;

b) Preparation of daily balances position & communication thereof to the Finance Deptt. SBP;
c) Maintenance of the Central and Provincial Zakat Fund Account;
d) Monitoring of debtor balances of Provincial Governments; Charging of Mark-up on Govt. Debit/ balances at the end of
each month.
e) Transfer of funds in respect of Inter Government Adjustment Advices/Grants received from Finance Division, Islamabad
and Provincial Governments i.e. Finance Departments, AGs, AGPRs offices etc. and reporting of Govt balances through
Clearance Memos to the respective stakeholders.
f) Issuance of Grants to all District Governments / TMAs as per allocation received from respective provincial
Governments.
g) Daily settlement with NBP regarding Government receipt/ payment made by them as agency business. Imposing /
recovering penalty from them with regard to delaying remittances of Government receipts.
h) Drawing and Encashment received from SBP BSC Offices and National Bank of Pakistan Scrutiny of advices, sorting of
paid instruments. Reimbursement of claims to NBP on account of Commission on government transactions;
i) Payment of freight/commission to Railway in connection with the dispatch of Treasure;
j) Payment of expenditure incurred by NBP on dispatch/receipt of Remittance of Treasure;
k) Internal administrative control of the Department, maintenance of Imprest A/c. , Maintenance of leave record of
officers/staff of the Department.
l) Coordination and facilitation in Departments Business planning
3. Budget, Stationery and Assets Management Division:

a. Preparation of Annual Budget of the Bank for Revenue & Capital Expenditures and IT related projects in coordination
with all Departments at Head office & BSC Field offices keeping in view their Annual Business Plan;
b. Distribution, Monitoring and review of Budget to check how the actual results match with the estimates in the budget
and realign them where required on:

Monthly;
Quarterly;
Half Yearly and
Annually.
c) Quarterly Review of Organization wide Budget and its Summary for SBP Finance Department;
d) Coordinating and facilitating the departments and BSC Field offices in consumption of allocated budgets against various
estimates and Plans, approve in principle go-ahead for various works and subsequent monetary sanctions against approved
allocated Budgets heads;
e) Introducing & arranging in System new heads of Accounts at Child level for various income/expense Heads on the
requirements of various Departments/field offices;
f) Reallocation of Budget on case to case requirements basis amongst various Departments/field offices;
g) Maintaining inventory of Fixed Assets with information regarding supplier, cost, tag numbers, users units name etc in
respect of all Departments of Head Office;
h) Assets Capitalization in Oracle, arrange Assets transfers and overall responsibility to maintain Assets inventory, keeping
track of Physical location of Assets.
i) Physical Verification & Reconciliation of Fixed Assets in hand with Oracle system in respect of all HOK Departments.
J) Having requirement of Stationery Items annually from all Departments of BSC Head Office/SBP and BSC offices
(category wise) and arrange purchases through GSD & Printing Press.
K) Issuance / Supply of Stationery articles to the departments of SBP, SBP BSC-HOK and all Offices.

l) Verification of bills of suppliers along with relevant documents to GSD;

M) Sports Budget, relevant administrative affairs of sports activities in the Bank, communication with relevant stake
holders, Coordination with Sports Committee, minutes writing and follow-up action of decision.
4. Policy, Monitoring and Payment Controller Division:

a) Framing Rules and Regulations relating to the working of field offices, interpretation of Banking
Department Manual;

b) Printing of Cheque books / bank drafts / Govt. drafts from PSPC ;

c) Fraud Forgery cases,
d) Clearing House / NIFT Matters.
e) Making of payments to external suppliers and employees of the Bank
f) Auditing different bills before and making payments
g) Matters relating to Audit Report on working of field offices and Accounts Department.

5. Systems & Procedures Division

Pursuant to the transfer of some operational activities of Globus to SBP BSC a Systems and Procedures Division (SPD) has
been set up initially housed in Accounts Department SBP BSC to manage both Globus [Phase I] and Oracle ERP [Phase II]
(with the consent of ISTD) first level helpdesk catering to the needs of 16 field offices and HOK of SBP BSC. The SPD will
work in close coordination with SPUs at all offices.
Main functions/responsibilities of SPD are listed as:
Coordination of new development or modification in system processes

a. Documentation of Business Processes / User Manuals

b. Functional System Administration (FSA) to restrict access to system and data to pertinent users only whereby enhancing
system controls
c. Training of SPU super users / and regular users
d. Coordination with IT Auditors of IAD (Pertaining to IT Audit at Offices and HOK)
e. Business Process Reengineering
f. Management of Globus/Oracle user level requests relating to:

Creation of new accounts for SBP BSC offices in the system.

Management of all password reset requests received from offices.

Change the rights of users on the request of SPU super users of local offices.

Deactivate users on the request of SPU super users of local offices.

BSC-Currency Management Department

Mission Statement

Not Available
Vision Statement

Not Available
About Us

The main functions of each division are as under:1. Remittance Management Division
o Overseeing Currency Operations viz: Supply, Distribution, Withdrawal, Verification and Cancellation of Notes and coins in
accordance with treasury rules and other applicable laws
o Preparing annual notes and coins indent and managing demonetization.
o Ensuring accurate booking/ reporting of various cash management statements and taking corrective measures on timely
basis if required.
o Issuing of Policy/Instructions to all the Field Offices regarding management of currency.
o Need assessment and procurement of cash handling and counterfeit detection equipments in coordination with BSSD
(SBP)
o Promoting mechanization by identifying, analyzing, facilitating procurement and utilization of various machines.
o Overseeing Currency Sorting Cell Operations
2. Chest Operations & Compliance Division
o Effective monitoring of chest balances and taking corrective measures for breaching holding capacity limit or non
compliance to other instructions.
o Liasoning with NBP for issues relating NBP chest operations like Linking/delinking, change in holding capacity, periodic
examination etc.
o Redressal of Problems/queries faced/raised by Field Offices & Commercial Banks in respect of issuance of fresh currency
notes.
o Overseeing, Coordination, Reviewing, Suggesting remedial actions regarding commercial banks Cash Monitoring/ Onsite
Examination and annual verification of different balances.
o Follow up/ review and implementation of recommendations made through various reports like Internal Auditor,
Verification Officer, Cash Monitoring
3. Currency Research & Systems Division
o Collection/ analysis of international best practices on incorporation of security features and combating counterfeiting and
making recommendations accordingly
o Maintain updated information regarding various modes of forgeries detected in counterfeit notes/ coins in circulation &
provision thereof to law enforcement Agencies
o Capacity building trainings/ monitoring/ mentoring of officials of SBP BSC (Bank) on counterfeit related matters
o Promoting mass awareness activities among general public about forged notes and clean note policy by suggesting
different cost effective means and overseeing/coordinating field offices activities in this regard
o To offer comments/ expert opinion on the Currency Notes/ Prize Bonds received from our field offices about the forged/
tempered/ genuine etc.
o Preparing/updating/ modifying operational policies and procedures
o Coordinating with ISTD for various reports development of BSC head office and circle/ field offices
o Overseeing, coordinating and consolidation of Business Plan of all divisions/ units of CMD
o To supervise & Coordinate implementation of BCP strategies for CMD

4. Government Savings Scheme & Administration Division

o c/encashment of Prize Bonds
o Preparation of statement regarding Sale/Encashment and profit/interest payment on SSC/DSC
o Redressal of Problems/queries faced/raised by our Offices & Commercial Banks in respect of NPB/NSS/NDRP & MREF
o Preparation of Statement showing Debt Servicing figures in respect of National Prize Bonds & National Saving
Certificates
o Issuing of Policy/Instructions to all the Offices of SBP BSC regarding NPB/NSS/NDRP & MREF from time to time on
receipt from Government
o General administration of the department
o Maintenance of Leave record
o Improvement of the Physical Infrastructure of the Department
o Diary Dispatch and Letter Management System
o Stationary management and maintenance of imprest account
5. Internal Monitoring Unit
o Overseeing, Monitoring of CMD affairs
o Inspections/ Verification of HOK and other reports generated at CMD
o Monitoring administrative compliance (Surprise checking of attendance/ leave record, proper maintenance at utilization
of CMD Imprest Account etc).
o Coordinating with Internal Audit Department
o Performing special assignments as per instructions of Director CMD

BSC-Development Finance Support Department

Mission Statement

Our mission is to facilitate development of an inclusive financial system in the country through effective monitoring of
banks, awareness and information dissemination programs, targeted research and surveys and linkages and consultation
with all key stakeholders.
Vision Statement

Our vision is to transform into a dynamic field force having capacity to connect un-banked and under-banked areas/sectors
to the countrys financial markets.
About Us

OUR VALUES
Open Communication
Teamwork
Efficiency
Accountability
Honesty
Fairness and integrity

Introduction/History

Development of an inclusive financial system in the country that could ensure access to financial services to all
segments/sectors of the economy is an important strategic objective of SBP. The establishment of Development Finance
Group (DFG) in SBP in the recent past is aimed at creating the necessary institutional capacity in SBP to achieve this
strategic objective. While the
DFG is engaged in enhancing its capacity to catalyze and facilitate expansion of financial services in un-banked/underbanked areas/sectors, the group based in Karachi, has no presence in the field to continuously interact with grassroots
level stakeholders and monitor banks progress (at regional/district level) to develop and expand their development
finance capacity. The SBP-BSC however has presence in 16 key areas/regions across the country with immense potential
for growth of development finance.
The Development Finance Support Department (DFSD) in the BSC is aimed at using the BSC field offices across the
country to augment the DFG capacity and its role for connecting the
un-banked/under-banked areas/sectors with
the countrys financial markets. The DFSD though based in BSC Head Office Karachi (HOK), it has gradually established
Units in 13 field offices. The Divisions/Units in the field offices are the local contact points for continuous interaction with
stakeholders.
Monitoring
I. To coordinate and interact with DFG and banks to have region-wise and branch wise plans/targets for financing to SMEs,
Micro Enterprises (MEs) , low cost housing and to farming/rural communities;
II. To monitor banks performance towards achievement of their regional and branch-wise targets of development finance
using the BSC field offices;
III. To collect regional and/or branch-wise data from Data Warehouse or DFG Departments for assessing banks
performance as well as to study regional trends in growth and development of SMEs, Micro and Rural Finance;
IV. To develop and maintain province-, region- and district-wise development finance database; this will help us optimally
target our resources to increase outreach of financial services in un-banked/under-banked areas/sectors;
V. To monitor banks progress towards building and enhancing their retail capacity (in terms of branch network, IT
systems, human resources) to expand their development finance outreach in different regions of the country;
Awareness and Information Dissemination
VI. To organize programs/field visits/workshops/seminars in consultation with DFG to create awareness amongst the
target population viz. the SMEs, MEs and farming community about financial services being offered by banks and financial
institutions; (the training and field visits programs undertaken by ACD, being the field activity, could be transferred to the
department; the capacity at field offices would be built gradually to undertake such programs on more frequent basis);
VII. To develop linkages with SMEDA, representatives/associations of SMEs and MEs, farming community, chambers of
commerce and agriculture, trade bodies for better and wider dissemination of SBP Development Finance policies and
approach;
VIII. To facilitate the DFSUs in conducting the meetings of Regional Focus Groups for Agriculture, SME and Micro-finance.
The Groups have been constituted in all BSC offices to exclusively review the trends in each of these sectors and evolve
operational strategies to increase outreach of Agriculture, SME and Micro-finance in their respective regions;
IX. To develop linkages with provincial and District governments, agricultural research and extension departments to
explore synergies between their poverty alleviation and information dissemination programs and the departments goal for
increasing outreach of financial services in un-banked/under-banked areas/sectors;
X. To facilitate linkages/partnerships between technical and vocational institutes and banks/MFBs for imparting
technical/vocational training to the prospective clients of banks/MFBs on cost sharing basis;
XI. To develop linkages with universities and colleges in the region to initiate development finance
courses/specializations/majors to cater to the growing demand for development finance.

Research & Surveys

XII. To conduct/arrange/sponsor regional surveys/empirical studies on key and burning issues relating to expansion,
growth and impact of development finance. (Linkages with research and educational institutions will be developed for the
purpose).