SBP Introduces Measures to Conserve Energy & Fuel in Banking Sector

The State Bank of Pakistan (SBP) has taken a number of measures to conserve energy and fuel to help the country overcome the current power crisis. According to the central bank, the banking industry will also play its role for energy and fuel conservation through a number of measures.

SBP, Conserve Energy, Energy Crisis — SBP Introduces Measures to Conserve Energy & Fuel in Banking Sector

It is pertinent to mention that Federal and Provincial Governments are taking a number of steps to address the prevailing energy situation in the country, including early closure of markets and businesses, except emergency services, in order to curb increasing loadshedding in the country.

The State Bank of Pakistan (SBP) has introduced the following measures to help conserve energy and fuel:

The banks may formulate a policy on “Work From Home (WFH)” whereby banks’ offices (other than branches) can observe, one/two days in every week, as WFH to achieve the intended objectives.
The banks may close all of its premises including branches at 7:00 pm or earlier and switch-off their electric supply except for any emergency use, call centers, monitoring of Alternative Delivery Channels (ADCs), back-ups and maintaining necessary electrical/ IT equipment. Moreover, the air-conditioners at ATMs vestibules may be used economically.
The electrically illuminated sign-boards of branches and other offices shall remain switched-off, at all times.
The banks are encouraged to hold their meetings (intra/inter-city etc.) virtually and also curtail their local as well as international travelling expenses.
The banks shall encourage their staff to pool their transportation for commuting to and from their respective offices and take any other measure(s) for reducing the commutation time of the bank staff.
The banks may adopt the use of alternate and cost effective sources of energy such as deployment of solar technologies and encourage use of energy efficient equipment, fixtures and appliances in their premises.
The banks may take any other steps/ actions to curtail the consumption of electricity and fuel in their respective offices including branches.

Furthermore, the SBP said that banks shall enhance awareness of their employees as well as customers about energy conservation initiative and encourage them to take part in this energy conservation drive. Meanwhile, the banks have been advised to ensure adequate oversight and monitoring mechanism of energy conservation drive in order to achieve the intended objectives.

The SBP has advised banks to take appropriate action and share their energy conservation plan with SBP latest by June 24, 2022 (Friday). Moreover, such measures should be effective latest from July 1, 2022.

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