PWDs’ financial inclusion: SBP asks FIs to submit policy framework

KARACHI: The State Bank of Pakistan (SBP) has asked financial institutions for a comprehensive policy framework and strategy document, duly approved by their Board of Directors (BoDs), demonstrating their strong commitment to the inclusion of Persons with Disabilities (PWDs) as customers and employees.

The banks are required to submit their BoD’s approved policy framework and strategy document to the SBP for information latest by September 30, 2021.

Under the policy framework, banks will offer products and services catering to the special needs of all categories of PWDs including the physically handicapped, visually impaired and those with hearing and speech disabilities. Banks have been asked to ensure the availability of essential forms and documents in Braille, sign language interpretation services and ramps at the entrances of their branches and ATM vestibules.

According to SBP, PWDs normally face severe limitations while accessing financial services offered by financial institutions because of a combination of physical constraints and perceptions about their abilities to handle financial matters. Therefore, there is a need to make banking easy and convenient for them through supportive physical infrastructure, accessible products and services, assistive technologies, and supportive staff interactions. Further, provincial and federal laws prescribe a minimum percentage of PWDs to be employed which need to be properly implemented in financial institutions.

Accordingly, in order to better facilitate PWDs and to provide detailed regulatory guidance, State bank has developed a comprehensive policy framework to promote financial inclusion of PWDs.

As per policy, each bank will put in place a comprehensive policy framework and strategy document, duly approved by their BOD, demonstrating their strong commitment to the inclusion of PWDs as customers, and employees and the policy framework and strategy document will set clear measures to increase financial inclusion of all categories of PWDs including female with disabilities i.e. physically handicapped, visually impaired/ blind, people with hearing and speech disabilities.

Banks have been asked for availability of accessibility infrastructure, accessibility audits of premises (entrance of branches, washrooms, ATM cabins, counters, lockers) and accessibility of banking products and services.

In the context of helping PWDs to join banks as employees, an important feature of the policy requires banks to meet prescribed job quota for PWDs and align human resource policies and practices to cater to their specific needs throughout the career cycle. Measures for ensuring compliance with the government prescribed job quota for PWDs with at least 25 percent representation of female PWDs.

Ensuring efficient flow of banking facilities to female PWDs by engaging a female PWD in development of policies, procedures, products and services relevant to them. Capacity building of staff to facilitate PWDs.

The HR department will develop a well-defined, structured and time bound capacity building and career development plan for PWDs.

The banks are required to submit their BoD’s approved policy framework and strategy document to SBP for information latest by September 30, 2021. The senior-level management committee will also be responsible for the implementation of the policy and strategy and will present a detailed progress report to the BOD on a half-yearly basis.

The banking industry through the platform of the Pakistan Banks Association (PBA) will collaborate to designate some branches as Model Branches specialized in serving the PWDs while also catering to the needs of the general public. In this regard, each bank will designate and establish the Model Branches in each province by March 31, 2022.

In the first phase, no big city will have more than three (3) model branches to diversify and to optimally utilize the Model Branch network. Banks shall, at the PBA level, decide to establish at least two model branches each in AJK and GB area in the first phase by March 31, 2022. If deemed necessary, SBP in consultation with the industry may also develop criteria based on which some banks may be required to establish more than two model branches each in GB and AJK.

Copyright Business Recorder, 2021