SBP updates reporting guidelines for financial institutions

July 02, 2024 (MLN): The State Bank of Pakistan (SBP) has prepared revised formats and reporting guidelines for monthly submissions of 'Core Banking System Based' Flow of Funds (A03), Cross-Institution Financial Assets/Liabilities (A04), Deposits (A05), and Loans (A07) data.

This initiative aims to reduce data compilation time lags, improve data quality, cross-verify information across financial institutions, and reduce the number of returns.

The central bank’s core statistics department notified through a circular issued on Monday.

Accordingly, SBP has advised all reporting institutions (RIs) to develop their own information set up to generate these annexures from their Core Banking System (CBS) as per revised/new formats by April 30, 2025.

In this regard, the head of ‘Internal Audit’ of RIs have been directed to submit a report, by May 31, 2025, on ‘full readiness’ of their CBS based subject data submission to SBP without any failure.

All RIs have been advised to regularly submit A03, A04, A05 and A07 Annexures, within seven working days after close of reporting period effective from June 2025 data.

Moreover, the central bank has advised the head of concerned functions of the RIs to ensure that A03, A04, A05 and A07 annexures are reported accurately.

The head of compliance is to ensure that the subject monthly returns are reported as per given guidelines and deadline, the circular said.

The Internal Audit of the concerned RIs will conduct review and validation of the reported data on quarterly basis and ensure data accuracy, it added.

The accuracy of the data and the internal audit validation reports will be assessed by the SBP assessment teams on sample basis during their assessments.

“Failure to comply with any of the instructions contained in this letter shall attract penal action under relevant SBP regulations,” the circular reads.

With complete transition to CBS generated A03, A05, and A07 annexures, various reports including revamped scheduled banks statistics shall stand abolished, it further added.

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