KARACHI, Aug 30: The State Bank has cut down the number of the reports and returns to be submitted by the banks and non-bank financial institutions (NBFIs) from 60 to 28.

In a circular issued to all the banks and NBFIs the SBP said that from now onwards there would be only two categories of returns: Nineteen returns will have to be submitted to Banking Policy Department and nine to Banking Supervision Department every year. (The intervals at which these returns are to be submitted differ.)

The circular announced that 40 returns that the banks and NBFIs used to submit earlier have now been eliminated. (Two reports and returns stand merged with those 28 that the banks and NBFIs are still supposed to submit to SBP).

The circular said the decision had been taken to streamline the existing reporting requirements. “This will free up the resources of the banks and financial institutions to focus on improving the quality, reliability, accuracy and timeliness of data.”

“The banks/NBFIs are advised to ensure correct submission of the returns mentioned...as applicable to them to Banking Supervision Department and Banking Policy Department respectively,” says the circular adding that the submission period for various returns will remain unchanged.