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Now open a bank account at home, Pakistanis got a great facility

TLDR: Pakistanis living in the country have been provided the facility to open accounts through digital channels. In this regard, a comprehensive "Customer Digital on Boarding Framework" has been formulated.

News Desk by News Desk
1 year ago
in Business, Pakistan
Now open a bank account at home, Pakistanis got a great facility
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According to details, the SBP has facilitated Pakistanis living to open bank accounts through digital channels. With the rapid increase in electronic banking channels, especially during the global epidemic of Code 19, digital by banks and consumers. As a result, the demand for financial transactions has multiplied.

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Following the success of the Roshan Digital Account Framework, Bank Daulat Pakistan has developed a comprehensive “Customer Digital on Boarding Framework” that allows banks and microfinance banks (MFBs) to access digital channels such as websites. In addition, portals, mobile applications, digital kiosks, etc., will facilitate the opening of bank accounts of Pakistanis residing in the country easily and remotely.

Account opening under this framework has become a fast and simple process and ensures compliance with applicable regulatory requirements and international standards. As a result, this framework will make it easier for all sections of society to open a bank account.

The central bank said it would make it easier for freelancers, private entrepreneurs, or unemployed women, and those receiving remittances from abroad to open bank accounts digitally without the need for documents. At the very least, the move will bring the disadvantaged sections of society into the formal banking sector, which will also help meet the SBP’s financial inclusion goals.

The SBP said that the framework had been finalized after detailed consultation with the concerned parties in this regard. However, problems that banks/microfinance banks may face should be addressed proactively.

According to the central bank, accounts can usually be opened as savings or current accounts. The required documents have been identified for these categories, including ‘Easy Digital Account,’ ‘Easy Digital Remittance Account,’ ‘Freelancer Digital Account,’ and ‘Digital Account.’.

It is straightforward to open a first-category account that requires fundamental information and minimum documents, and it has some practical limitations. The last category, i.e., digital account, is without any functional restriction but more information to open an account.

The user can start from the basic account and later upgrade to the higher level account type as required, the list of required SBP documents for each level account.

Under this framework, the SBP has directed the banks to ensure that the decision to open these accounts or reject the application is taken within two working days from the date of submission of all papers. Do not take while providing 24 hours service seven days a week for the convenience of the customers.

In addition, banks/microfinance banks will be required to issue tracking numbers to applicants so that applicants can be aware of the status of their applications.

It is noteworthy that the SBP has provided a conducive regulatory environment to the institutions under its purview for many years to facilitate the customers.

Recent SBP initiatives include the introduction of the National Payment System (NPSS), Instant Payment System (Direct), Electronic Money Institutions (EMIs,), and the introduction of bright digital accounts for non-resident Pakistanis.

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The SBP has directed the banking industry to implement this framework by December 31, 2021. The SBP is confident that this initiative will help achieve the objectives of financial inclusion and promote the digitization of banking services in the country.

This framework will motivate and facilitate the banking sector to bring SBP women into the financial system on an equal footing with the banking initiative, which is expected to lead to a fast and secure digital financial infrastructure in Pakistan. Will make it easier for consumers to meet their financial needs.

Tags: Bank Account
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