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MGT604 - Management of Financial Institutions - Lecture Handout 06

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STATE BANK OF PAKISTAN

The State Bank of Pakistan (SBP) is the central bank of Pakistan. While its constitution, as originally lay down in the State Bank of Pakistan Order 1948, remained basically unchanged until January 1, 1974, when the bank was nationalized, the scope of its functions was considerably enlarged. The State Bank of Pakistan Act 1956, with subsequent amendments, forms the basis of its operations today. The headquarters are located in the financial capital of Pakistan, Karachi with its second headquarters in the capital, Islamabad.

History

Before independence on 14 August 1947, the Reserve Bank of India (central bank of India) was the central bank for what is now Pakistan. On 30 December 1948 the British Government's commission distributed the Bank of India's reserves between Pakistan and India - 30 percent (750 M gold) for Pakistan and 70 percent for India.

The losses incurred in the transition to independence were taken from Pakistan's share (a total of 230 million). In May, 1948 Muhammad Ali Jinnah (Founder of Pakistan) took steps to establish the State Bank of Pakistan immediately. These were implemented in June 1948, and the State Bank of Pakistan commenced operation on July 1, 1948.

Functions

Under the State Bank of Pakistan Order 1948, the state bank of Pakistan was charged with the duty to "regulate the issue of bank notes and keeping of reserves with a view to securing monetary stability in Pakistan and generally to operate the currency and credit system of the country to its advantage".

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MGT613 - Production / Operations Management - Lecture Handout 23

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MANAGEMENT OF QUALITY

After completing the lecture on Management of Quality, the POMA students should be able to understand the term quality and the importance of Quality. The student should be able to learn the Determinants of Quality, when they discuss Total Quality management also they should be able to identify the various costs associated with Quality. The students should also be able to appreciate the famous ISO 9000 and ISO 14000 quality systems, which are also actively seen in Pakistan. And last but not the least out of curiosity than academic interest the students should be aware of philosophies of
Quality Gurus.

Introduction

Quality Management can be understood only if we are able to understand the term quality, which is defined as

Quality is the ability of a product or service to consistently meet or exceed customer expectations.

Quality as determinant of Revenue has been often neglected, people tend to associate quality with high price of the product or item they want to purchase, historically speaking this is an incorrect statement. The debate between American and Japanese philosophy proves that quality is offered free of cost and is the prime source of revenue or profit.

  • When the American industry in 70s and 80s talked about cost cutting and productivity improvement they did not paid heed to Quality Management, which was the “Holy Grail” for the Japanese Industry.
  • When Japanese manufacturers entered and occupied the American Markets the only thing that made their products and services better than the Americans was the concept of Quality, which led to increase in the revenues and productivity of Japanese manufacturers.

  • Read more: MGT613 - Production / Operations Management - Lecture Handout 23