Banks/DFIs Secretaries to keep BoD members abreast of rules, regulations

The State Bank of Pakistan has made it mandatory for company secretaries of banks/development finance institutions (DFIs) to provide their respective board members the extracts from the relevant laws, rules and regulations regarding their powers, duties and responsibilities and keep them updated of any revisions/amendments.
The SBP has issued this instruction with the view to ensuring that all directors of banks/DFIs are well acquainted with all applicable laws and regulations regarding corporate/commercial banking. These instructions shall come into force with immediate effect. The Banks/DFIs have been advised to communicate the contents of this circular to all their Board members, says BPRD Circular Letter No 13 of 2011 issued on Saturday.
Para 3 of Prudential Regulation G-1 B for Corporate/ Commercial Banking, regarding 'Responsibilities of the Board of Directors' provides that all members of the Board should undertake and fulfil their duties and responsibilities keeping in view their legal obligations under all applicable laws and regulations.