KARACHI: The State Bank of Pakistan (SBP) has developed conduct assessment framework for banks in order to assess their treatment with consumers.
In a circular issued on Friday, the central bank said that it had issued a circular in 2014 where all banks were advised to develop and implement their own Fair Treatment of Consumers (FTC) Framework, duly approved by their board of directors by July 01, 2015.
The central bank said that while promoting concept of responsible banking, a Conduct Assessment Framework (CAF) after test run is being formally introduced for self assessment by the banks. “The purpose to quantify conduct is to develop a periodic, reliable, diagnostic and comparable mechanism which will help banks to deliver their commitment to FTC in an optimum manner and manage their conduct risk,” the SBP said.
