In a strategic move to enhance regulatory oversight, the State Bank of Pakistan (SBP) has announced the reorganization of its Banking Supervision framework. The three existing Banking Supervision Departments have been consolidated into two newly formed units: Banking Supervision Department-1 (BSD-1) and Banking Supervision Department-2 (BSD-2).
To streamline operations, a detailed list of regulated entities assigned to each department has been shared with stakeholders.
In addition, the SBP has launched a new Cyber Risk Management Department (CRMD), under the Banking Supervision Group. This dedicated unit will focus on both on-site and off-site supervision of cybersecurity risks, addressing the growing digital threats faced by financial institutions and other regulated entities.
The SBP has confirmed that Directors have already taken charge of their respective departments to ensure a seamless transition and continued commitment to robust regulatory practices.
The creation of the CRMD highlights SBP’s recognition of cybersecurity as a critical area of focus in today’s evolving financial landscape. This move is expected to strengthen Pakistan’s banking sector resilience against emerging cyber threats.
