State Bank of Pakistan performs both the traditional and developmental functions to achieve macro-economic goals. The traditional functions may be classified into two groups:
(a) the primary function is issuance of notes, regulation and supervision of the financial system, bankers’ bank, lender of the last resort, banker to Government, and conduct of monetary policy, and
(b) the secondary function is management of public debt, management of foreign exchange, etc., and other functions like advising the government on policy matters and maintaining close relationships with international financial institutions.
The non-traditional or promotional functions, performed by the State Bank include development of financial framework, institutionalization of savings and investment, provision of training facilities to bankers, and provision of credit to priority sectors.
REGULATION OF LIQUIDITY
ENSURING THE SOUNDNESS OF FINANCIAL SYSTEM:
REGULATION AND SUPERVISION
EXCHANGE RATE MANAGEMENT AND BALANCE OF PAYMENTS.
DEVELOPMENTAL ROLE OF STATE BANK.
Ever since its establishment, the State Bank of Pakistan, besides discharging its traditional functions of regulating money and credit, has played an active developmental role to promote the realization of macro-economic goals.
The scope of Bank’s operations has been widened considerably by including the economic growth objective in its statute under the State Bank of Pakistan Act 1956. The Bank’s participation in the development process has been in the form of rehabilitation of banking system in Pakistan, development of new financial institutions and debt instruments in order to promote financial intermediation, establishment of Development Financial Institutions (DFIs), directing the use of credit according to selected development priorities, providing subsidized credit, and development of the capital market.
State Bank of Pakistan-Banking Services Corporation (SBP-BSC)
Established under the SBP-BSC Ordinance 2001, SBP-BSC supports SBP in performing functions such as handling of currency and credit management, facilitating the inter-bank settlement system, and sale/purchase of savings instruments of the Government on behalf of Central Directorate of National Savings. SBP-BSC also collects revenue and makes payments for and on behalf of the Government. It also carries out operational work relating to development finance, management of public debt, foreign exchange operations and export refinance. The Board of Directors of SBP-BSC, chaired by the Governor SBP, comprises of all members of the Central Board of SBP and the Managing Director of SBP-BSC.
SBP-BSC consists of 16 field offices in Pakistan with the head office in Karachi. The other branches are at Lahore, Peshawar, Quetta, Rawalpindi, Islamabad, Gujranwala, Faisalabad, Multan, Hyderabad, Muzaffarabad, Bahawalpur, Abbotabad, DI Khan, Sialkot & Sukkur.
Induction in State Bank of Pakistan as an officer is a very good pavement for a prosperous and progressive career. In the recent years, State Bank of Pakistan has been inducting Officers Grade-I and Assistant Director Officer Grade-II through open competition either on the basis of test conducted by IBA or National Testing Service. Fresh Graduates and Masters Degree holders are appointed against the posts of Officers Grade-I and Assistant Director Officer Grade-II. Prior to field posting, they undergo Applied Focused Theoretical Training (residential) at National Institute of Banking and Finance (NIBAF), Islamabad.
State Bank of Pakistan has requested National Testing Service (NTS) to start the process for recruiting Officer Grade-I in State bank of Pakistan and NTS has advertised the posts of Officer Grade-I (OG-I) on 24.02.2019.
Here we shall discuss in brief Criteria, Method of recruitment, Job responsibilities and career prospects of the Officer Grade-I in State Bank of Pakistan.
|Name of the post||OFFICER GRADE-I.|
|Qualification||Bachelor Degree from a recognized University.|
|Method of Recruitment||100 % by initial recruitment.|
|Process by National Testing Service (NTS)||National Testing Service (NTS) generally conducts one paper test comprising of 20 percent of the subject material and 80 % of the General Knowledge portion as English, Islamiat, Pak Studies, Everyday Science, Basic Mathematics and Current Affairs.|
|Interview by State Bank of Pakistan- Banking Service of Pakistan||The successful candidates will be interviewed by panel of State Bank of Pakistan and their recommendations will be final.|
|Training||Prior to field posting, successful candidates will undergo Applied Focused Theoretical Training (residential) at National Institute of Banking and Finance (NIBAF), Islamabad.|
|Pay / Salary Package||During Training Rs. 24,500 per month.
After training Rs.49000 per month plus other benefits.
|Job Description||· Desk Duties.
· Official work relating to Bank work.
· Online Working.
· Policy formulation.
|Career Prospects||Officer Grade-I is promoted as Assistant Director Grade-II officer after 05 years of regular service. An Assistant Director Grade-II officer is promoted as Deputy Director upon completion of 05 years service. Deputy Director is eligible for promotion as Director upon completion of 15 years service as such.|
The detail may be seen at http://nts.org.pk/Test&Products/Announced/0219/SBP_OTP_Feb2019_Online/SBP_OTP.php