and would also handle the issue of over indebtedness among the mf borrowers. • fip is supporting pakistan microfinance network ( pmn ) to introduce the transparent pricing initiative in pakistan. this initiative will make the prices for the microfinance market available for the first time in history. the mf clients will then be in a position to compare the various products to make the appropriate choice. moreover, this initiative is expected to increase the level of competition among the mf providers and ultimately efficiency which would benefit the mf clients in the long - run, and • fip is also supporting strengthening consumer protection under the industry - led smart campaign that is seeking to improve client protection mechanism in the microfinance sector. 6. finally, in line with the evidence ( access to finance ( a2f ) survey of 2008 ) that lack of financial literacy is a major constraint in advancing financial inclusion, sbp launched the first - ever nationwide financial literacy program ( nflp ) in january 2012 to tackle this issue. the program intends to create awareness about basic financial concepts such as budgeting, savings, investments, debt management, financial products, branchless banking and rights and obligations of consumers etc. the pilot phase of the program has been concluded successfully by targeting about 50, 000 beneficiaries in various provinces, regions and districts with emphasis on low income strata and its effectiveness is currently being evaluated. following a third party independent assessment, the program will be scaled up to the national level in its next phase. let me now briefly talk about the current overall architecture of financial consumer protection which anchors on : • comprehensive legal and supervisory framework. bis central bankers ’ speeches • effective institutional arrangements. • robust dispute resolution mechanism. • impactful financial literacy and capability programs and initiatives. • culture of providing responsible finance by the financial service providers. let ’ s begin with legal framework. ideally, there should be a financial consumer protection act at the federal level, covering a range of issues, including transparency, confidentiality, data protection, account servicing, protection against unfair contracts, lending practices and availability of statements, etc. however, due to lack of such framework at the national level, sbp has been promoting financial consumer protection in the industry through regulatory initiatives on the basis of its powers under the bco, 1962. these include : 1. issuance of prudential regulations for consumer financing, which addresses a number of important issues pertaining to market conduct and consumer protection. 2. issuance of

pakistan banking awards 2017 launching ceremony ladies and gentlemen a€ “ assalm o alaykum. after the tremendous success of the 1st banking awards in 2016, i am delighted to address this distinguished gathering of executives and academicians from the banking and finance sector at the launching ceremony of the 2nd pakistan banking awards 2017. as you are well aware, the financial sector plays a pivotal role in determining the overall economic growth and development of a country. the contribution and achievements of the institutions contributing to this sector should be recognized and acknowledged. the initiative of launching the first ever banking awards by the institute of bankers pakistan with dawn media group in collaboration with a. f. ferguson & co in 2016, is indeed a landmark in the history of banking in pakistan. i am delighted that these prestigious awards are now an annual affair and encourage new entrants to make their mark while motivating the established institutions to strive for excellence. these awards honor and promote the efforts of banks for developing new and innovative products and services, while giving them the incentive to enhance their performance for the coming year. they encourage the active participation of banks by setting the benchmark and allowing them to gauge their standing within the industry. most importantly, they inculcate a spirit of healthy competition as the awards are a great source of pride for the winning institutions. the distinguished members of the jury selected are indeed institutions in themselves and are worthy to do the needful. i am confident that like in the past, this year again complete transparency and secrecy will be maintained and all nominations would be made exclusively on merit. this is the essence of building credibility of these awards. it is a matter of satisfaction from the view point of regulator as well that the performance and contribution of banks are being recognized by an independent body in a transparent manner. on behalf of the state bank of pakistan and the organizers, i urge you all to participate and make this magnanimous event a success. i wish you all the very best.