Such inconsistencies need to be removed while reviewing banking laws. 34. The need for revisiting the statutes has been buttressed by the experience of the global financial crisis. The crisis has thrown up a number of areas requiring significant legislative action either because there is no legislation or because the prevailing legislation is inadequate.
All time high profitability and structural transformation of banking sector has attracted substantial foreign capital in banks which given its innovations and practices will augur well for strengthening and sustaining banking sector performance. Proper enforcement of regulatory framework has been helped by a strong SBP’s independent supervisory and surveillance mechanism and validation process of the external auditors.