The proposed SBP (Amendment) Bill 2021, which the govt. claims is aimed at making SBP autonomous, will practically provide immunity to top officials of the SBP as no investigating agency, including the anti-corruption watchdog NAB, can initiate any action against them without obtaining permission from the board of directors of the bank. While the existing rules says every [person in the service] of the Bank shall be deemed to be a ‘public servant’, the proposed bill says no suit, prosecution or any other legal proceeding including for damages shall lie against the bank, board of directors or member thereof, governor, deputy governors, member of any board committee and monetary policy committee, officers and employees of the bank. Currently, the SBP is mandated to carry out quasi-fiscal operations, including rural credit, industrial credit, export credit etc. However, a proposed amendment says that quasi-fiscal operations taken on behalf of the govt., shall be discontinued.
26/3/2021