He also asked them to benchmark to international practices and focus more on product portfolios, corporate financing, asset management, leveraging distribution, human capital development, etc.
"G1obal paradigm is changing. Innovate accordingly; focus on under-served areas and on setting up of call centres and processing centres to bring more development; and for creating job opportunities here," the Prime Minister said.
The delegation apprised the Prime Minister of reforms undertaken in their respective banks. They said reforms introduced by the government, continuity and consistency of policies and the process of de-regulations, privatisation and liberalisation have brought significant improvement in the banking sector.
The Prime Minister asked banks to outsource processing, so that a critical mass of processing silos can be established. In a wakeup call to bankers, the Prime Minister asked them to come out of comfort zone.
INFLATION: He said inflationary expectation in Pakistan is changing as inflation has moved below 8 percent after 11 months. With declining inflation, interest rate environment is now moving toward healthier environment.
After the arrival of the new State Bank governor, the government will have the meeting of the monetary and fiscal policies co-ordination board and then the State Bank will issue monetary policy statement for the next six months.
The Prime Minister said inflation has decreased despite energy crisis, unprecedented rise in oil prices and damage caused by the earthquake. This exhibits that economy had the strength to absorb these shocks.
The Prime Minister said government's decision to improve supply by importing eatables at cheap rates have led to reduction in inflation in food items.
The Prime Minister said we are closely observing interest rate environment and watching stability in interest rates and added debt office will issue the Pakistan Investment Bond at right time.