Islamabad: In a meeting held at the Parliament House, the Senate Standing Committee on Finance and Revenue, led by Senator Saleem Mandviwalla, addressed several pressing issues within the banking sector, emphasizing the need for standardization across procedures and rejecting mandatory dress codes for bank employees.
According to Senate of Pakistan, the committee reviewed concerns regarding the challenges faced by customers, particularly Politically Exposed Persons (PEPs), in navigating commercial banking operations. MNA Muhammad Moin Amir Pirzada highlighted the absence of uniform Standard Operating Procedures (SOPs), despite previous directives to appoint dedicated officers within banks and the State Bank of Pakistan (SBP). He cited the closure of his bank account and the lack of response from concerned entities as examples of the existing procedural gaps. The SBP Governor acknowledged the procedural lapses at the branch level and assured the committee of measures to address these issues, including the appointment of dedicated personnel.
The committee also evaluated investment protection policies, with Senator Manzoor Ahmed advocating for the extension of incentives beyond the Reko Diq project. However, officials from the Ministry of Finance noted fiscal constraints as a barrier to expanding current concessions. The Finance Minister assured the committee that future proposals would be considered based on fiscal feasibility.
Senator Kamil Ali Agha raised concerns over the financial burden of taxes collected through electricity bills on consumers. The Chairman of the Federal Board of Revenue explained that the collected taxes, including sales and withholding income tax, are integral to the national tax system. Furthermore, the committee addressed issues related to banking service charges, such as SMS alerts and card transaction fees, with the Governor of the State Bank clarifying that customers have alternatives for receiving alerts and that domestic transactions would not incur additional dollar charges.
The committee also discussed complaints about dress code policies in banks. Senator Dr. Zarqa Suharwardy Taimur reported allegations of female employees being compelled to wear abayas, which Senator Sherry Rehman opposed. The SBP Governor confirmed that banks had been advised to adhere to a modest dress code without mandating specific attire, aligning with the committee’s directives to prevent undue compulsion in dress code policies.