KARACHI, April 11: The State Bank has warned heads of all banks and development finance institutions that the proceedings of the meetings of the board of directors should invariably be recorded in detail.

In a circular issued to all banks/DFIs the central bank said that it is reemphasizing on recording of the proceedings of board meetings because that will reflect all significant deliberations made and decision taken by the board.

The circular says the central bank has observed that some banks/DFIs were not meeting its previous instructions on the requirement of recording the proceedings of board meetings.

“In the absence of detailed minutes, the role played by the board in policy formulation and its contribution in institutional strengthening cannot be properly evaluated,” says the circular.