Karachi :(Press Release) The Centre for Peace and Development Initiatives (CPDI) has written letters to Mr. Rehmat Ali Hasnie, President of the National Bank of Pakistan (NBP), and Mr. Imran Samad, President of the Sindh Bank, highlighting concerns about their compliance with transparency regulations.
CPDI has highlighted that in the context of financial institutions, the disclosure of policies through official websites plays a crucial role in empowering customers, investors, and the general public with the knowledge necessary to make informed decisions.
It is emphasized that both banks have not fully adhered to legal obligations under Article 19-A of the Constitution and Section 5 of the Right of Access to Information Act, 2017, along with Section 6 of the Sindh Transparency and Right to Information Act, 2016. These sections, which pertain to proactive disclosure of information, mandate public bodies to disclose a wide range of information, including policies, rules, regulations, notifications, circulars, instructions, budget and expenditures, and other legal documents, as well as perks and privileges of officials through their official websites.
This statutory provision is crucial in promoting openness, accountability, and informed public participation.
Additionally, it aligns with good corporate practices to ensure maximum transparency in the functions of institutions like banks, as explained in the letters. Unfortunately, not all information have been disclosed on the official websites of these banks, compromising transparency and accountability.
Mr. Mukhtar Ahmad Ali, Executive Director of CPDI, emphasizes, “Access to information is a fundamental right and a cornerstone of good governance. Proactive policy disclosure is crucial for transparency and public trust.” CPDI urges NBP and Sindh Bank to promptly rectify this oversight by comprehensively disclosing all policies on their official websites.
CPDI further advocates for NBP and Sindh Bank to recognize the importance of proactive policy disclosure, not only as a legal obligation but also as a matter of public significance.
The comprehensive and up-to-date disclosure of all information on the official websites is crucial for promoting transparency and fostering public trust.
