KARACHI: The Institute of Bankers Pakistan (IBP) on Monday announced the Second Banking Awards 2017 to be held in September.

The aim of the awards is to encourage the financial sector of the country to extend better services and enhance outreach to unbanked segment of the society, said the press release issued by the institute. 

"Awards will be held with an aim to highlight the fundamental development of the banking sector achieved through technology based services," said Chief Executive IBP Husain Lawai.

He added that 18 banks were participating in the award ceremony. On the basis of performance, awards will be given in eight different categories.

Lawai also said that the financial sector of the country was performing efficiently and the State Bank of Pakistan (SBP) had directed banks to provide services to 50 per cent of the population by 2020.

The jury for the awards comprises people who possess relevant expertise and are undoubtedly institutions in themselves, he said. 

The institute aims to adopt a transparent and impartial evaluation process to select the best performers for the awards, added the press release. 

The Pakistan Banking Awards were launched in 2016 and are now an annual event. Awards are given to individual banks based on their performance, broadly in the developmental, financial, and customer service related spheres