Janice R. Andrews
As Pakistan is close to bankruptcy, its banks are still spending a lot of money on unnecessary things. This raises serious questions about how these banks are managed and held accountable.
Extravagant Spending in a Struggling Economy
Even though Pakistan is almost out of money, banks are wasting resources. They keep air conditioning and lights on all day, from 8:30 AM to 5 PM, even after business hours. Senior officers stay back to enjoy these amenities without being questioned.
Ignoring Customers for Personal Comfort
During working hours, many bank employees leave their desks to do personal activities like smoking. This makes customers wait a long time, causing frustration. Some banks lie to customers, saying the system isn’t working, so they don’t have to help them, focusing only on receiving deposits.
Audit Failures and Lack of Accountability
The main problem is with the audit departments of these banks. They don’t report the truth because they are friendly with senior management. This allows the waste of resources to continue unchecked.
Questions That Need Answers
- Resource Misuse: Why are air conditioners, lights, and generators running for hours when only a few people are in the branch?
- Regulatory Oversight: Are Pakistan’s regulatory authorities monitoring this situation effectively?
- State Bank’s Role: Is the State Bank of Pakistan ensuring proper oversight?
- Audit Department’s Responsibility: Are internal audit departments addressing the misuse of facilities?
- Management Influence: Is the management influencing other staff for personal benefits?
- Employee Accountability: Are employees who have finished their work leaving on time?
- Routine Misconduct: Why is this wasteful routine continuing every day?
- Financial Burden: Why are banks or stakeholders paying for these overused resources?
Call for Immediate Action
There is an urgent need for action from regulatory authorities, the State Bank of Pakistan, and internal audit departments. These issues must be addressed to stop further financial strain on the already struggling economy. The waste of resources and lack of accountability must end to ensure a more efficient and responsible banking sector in Pakistan.
By fixing these problems, Pakistan can move towards a stable and prosperous future, free from financial mismanagement and resource wastage.
