The State Bank of Pakistan (SBP) has decided to revise format of the weekly Statement of Position with a view to re-organise data reporting to the SBP and to remove data redundancies to lessen reporting burden of banks/DFIs.
The revised format of the weekly Statement of Position has been sent to banks and concerned quarters and is available on the SBP website (under BSD circulars).
Banks and DFIs are required to submit the weekly Statement of Position on revised format with effect from the week ending on July 23, 2005. The statement will be submitted only to the banking supervision department, as the requirement for submission to principal offices stands rescinded.
The SBP advised banks/DFIs to ensure submission of the said weekly Statement of Position within two working days following each weekend.
For example, the statement for the week ending on July 23, 2005 wil1 be submitted by July 26, 2005. Further, all banks/DFIs shall also submit Quarterly Position, in addition to the weekly statement of position on the same format, if the date of quarter-end differs form the date of weekend.
However, the Quarterly Position will be submitted within five working days following the quarter-end, the SBP pointed out.
The late submission of statement will attract punitive action under relevant provisions of the Banking Companies Ordinance 1962, the SBP warned.