PESHAWAR: The Center for Peace and Development Initiatives (CPDI), a non-profit organization focusing on transparency and good governance, has raised concerns about the Bank of Khyber’s (BoK) compliance with transparency regulations.
According to CPDI, the BoK has not fully adhered to the requirements of Article 19-A of the Constitution and Section 5 of the Khyber Pakhtunkhwa Right to Information Act, 2013. These provisions mandate public institutions, including banks, to proactively disclose information, particularly policies, through their official websites.
CPDI emphasized the significance of proactive policy disclosure by financial institutions, citing it as a fundamental element in ensuring transparency and building public trust. A recent study by Fair Finance Pakistan, along with CPDI’s analysis, indicates that the BoK falls short of fulfilling its legal obligations by not uploading all policies on its official website.
Access to information is regarded by CPDI as a fundamental right and a cornerstone of good governance. In the context of financial institutions, the transparent disclosure of policies is seen as crucial for empowering customers, investors, and the general public to make informed decisions. CPDI believes that such transparency not only enhances accountability but also strengthens the credibility of financial institutions.
In response to these findings, CPDI has formally urged the BoK to rectify this oversight promptly. The organization calls for comprehensive and up-to-date disclosure of all policies on the bank’s official website. CPDI highlighted that proactive policy disclosure is not only a legal imperative but also a matter of public importance.
CPDI expressed confidence that, under the competent leadership of the BoK, the institution will uphold the principles of transparency and accountability. The organization appreciates the attention given to this matter and looks forward to observing the necessary steps being taken to address concerns and ensure the promotion of transparency and access to information in the financial sector.
