Regulatory Alerts2017-08-24 | 29545Fit and Proper Criteria and Second Schedule of the FIA, 2008
The State Bank of Pakistan has issued this directive to establish and enforce 'Fit and Proper' criteria for key banking personnel, as detailed in the Second Schedule of the Financial Institutions Act (FIA), 2008. The regulation mandates that directors, senior management, and key functional heads meet specific character, competence, and financial soundness standards to maintain their positions. Compliance with these eligibility requirements ensures operational integrity and risk management across the banking sector.
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