BusinessSBP instructed Banks to formulate 'work from home' policy in view of...

SBP instructed Banks to formulate ‘work from home’ policy in view of energy crisis

State Bank of Pakistan (SBP) has announced several energy saving measures.

According to the Diariespk, in a circular, it has instructed banks to formulate a work-from-home policy and use air conditioners sparingly.

The SBP directed the CEOs of financial development institutions, in addition to banks and microfinance banks, to save fuel in view of the growing energy crisis.

The SBP said that air-conditioners installed at ATMs connected to banks could be used sparingly.

Keep in mind that ATM machines need regular cooling so they do not work without air conditioners, which means that ATMs may not work after sunset.

The circular said that the bank should close all its offices, including its branches, at 7 pm or sooner and Turn off power supply except for emergency use, call centers, monitoring of Alternative Delivery Channels (ADCs), backup and necessary electrical / IT equipment.

The central bank further said that electronic sign boards of branches and other offices should be kept off at all times.

The government had launched an energy saving campaign in the face of rising prices of petroleum products in the international market and depreciation of foreign exchange.

Global oil prices had multiplied the import bill, causing fuel prices with a large portion of the population out of reach, market hours were also reduced to save energy.

The SBP expects the banking industry to play its part in saving energy and fuel.

In a circular, the SBP said, “Banks should formulate a policy that offices (excluding branches) should operate from home one to two days a week to achieve the intended objectives.”

Banks have also been instructed to conduct their meetings (within the city / between cities) virtually, limiting domestic and foreign travel expenses.

Banks were directed to take other steps to encourage staff to use shared transport to reach their offices and to reduce the influx of bank staff.

Banks are also encouraged to use alternative and cheaper sources of energy, including the use of solar technology and energy saving devices in offices.

The SBP said that the banks could also take other measures to save energy.

At the same time, banks will inform their employees and customers about energy saving measures and encourage them to be a part of it.

These measures will be implemented from July 1.

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