KARACHI - The Microfinnace banks will seek prior clearance from the State Bank of Pakistan (SBP) for the re-election and re-appointment of their Board of Directors members, President and Chief Executive Officer. According to a BPRD Circular Letter No 04 issued Wednesday, in the Prudential Regulations No 26 for Microfinance Banks (MFBs), the last paragraph of the Fit and Proper Criteria for Members of Board of Directors and President / Chief Executive Officer of Microfinance Banks (MFBs) will read as: 7. Prior Clearance. The MFBs will submit information about the Board Members and/or President/Chief Executive Officer to State Bank, as per the proforma enclosed as Annexure-C, for clearance before selection/appointment or re-appointment/renewal of term of Directors and President/Chief Executive Officer, the Circular said.