An open letter to SBP Governor

By

CONCERNED PAKISTANI

THIS is apropos of Sajjad Haiders letter to Dawn (Jan 5). I agree with the writer that the SBP, being the supreme regulatory authority of the banking sector, should not only focus its attention on the most burning issues being faced by the country, but also exercise its authority for their execution. Instead, the SBP indulges in trifle matters, such as dispensing of currency notes to the public, which have absolutely no bearing on the economy or financial improvement of the country a wasteful exercise, I must say. Here, I would like to quote one personal instance to substantiate the above. I am a cash teller at one of the largest private banks in Pakistan and drawing a monthly take-home salary of Rs15,000. Recently two inspectors from the SBP visited the branch early in the morning, after meeting the manager they walked straight to the cash enclosure, while I was busy with the customers. They started checking the cash and demanded various records for their observation. The inspection ended in two hours, and a report was received by the branch in the next week. The report was not good and the manager was furious because a penalty of Rs21,000 was imposed on the branch, which I was supposed to bear being in charge of cash. The penalty was imposed on the following violations made by the branch: 1. The cash-sorted stamp was not affixed on a few packets. 2. It was assumed that unsorted currency notes were being dished out to customers as they were kept in the drawers. 3. No register was being maintained to keep record of fresh currency notes being issued to customers. My question to the SBP governor is: a. Did the inspectors, who had supposedly had the welfare of the customers at heart, realise that with their presence how much disturbance was created in the branch, as the time which was meant for the customers was given to them? b. The customers of today are very conscientious about their rights. Besides, the market is very competitive. If a customer does not get the desired level of service, he moves his business to some other bank. Banks on their part are also mindful of this fact and can ill-afford to annoy their customers on an issue such as currency notes. c. How much responsibility is the SBP shouldering to cater to the needs of the public by way of dispensing fresh currency notes to them? Why cant they open special counters for this purpose at their own premises in order to remove the grievances of the public? The purpose of writing this letter to the SBP governor is to draw the attention of your readers to the fact that the SBP is more concerned about issuance of fresh currency notes to the public instead of concentrating its attention on curbing the skyrocketing inflation. What good is a currency note, whether soiled or new, if it cannot meet the needs of the man on the street? In the end, I would just like to mention that the new management of my bank does not accept any ifs and buts, although on that particular day I was handicapped as I was filling in for two other tellers, who were absent. The penalty will ultimately be charged to my salary account, I will be poorer by Rs21,000 while the SBP will be richer by the same amount, the real issue being unaddressed.