The State Bank of Pakistan (SBP) has begun accepting online approval requests for banking policy and regulations from financial organizations to improve productivity and eliminate the paper-based submission of approval cases, it said on Monday. The end-to-end digitization of regulatory approval process is being initiated with the launch of Regulatory Approval System (RAS), SBP has now reached another milestone by rolling out a module about banking policy and regulations.
Regulatory Approval System (RAS) will Provide One Dedicated Portal
“With the launch of this module in Regulatory Approval System (RAS), banks, development finance institutions (DFIs), and microfinance banks (MFBs) can now submit their request letters/proposals on a dedicated online portal to SBP’s Banking Policy and Regulations Department whereby the State Bank of Pakistan, after digitally processing them, would also be in a position to disseminate the regulatory decisions to them through the same portal,” the central bank announced in a statement.
Implementation of the Regulatory Approval System (RAS) for issues concerning banking policy and regulations will be active from November 24, 2021. “It will enable banks, DFIs and MFBs to digitally submit their requests and receive regulatory decisions through a single window,” the State Bank of Pakistan stated continuing, “Nevertheless, in addition to online submission, banks, DFIs, and MFBs shall also continue with the manual submission of their cases that will cease after a brief transitory period till December 31, 2021”.
The System will Help SBP Conserve Their Precious Resources
As per the official statement, the implementation of SBP’s Regulatory Approval System (RAS) is expected to conserve high-priced resources, contribute towards SBP’s green banking drive, and bring effectiveness in the interaction between the banking sector and SBP. Earlier in October 2020, Governor SBP Dr. Reza Baqir had inaugurated the State Bank of Pakistan Regulatory Approval System (RAS) for end-to-end digitization of foreign exchange-related case submission process.
The system turned out to be a huge success as it allowed consumers to register their foreign exchange-related requests from the position of their comfort thereby saving precious time previously wasted in navigating paper-based processes.
Source: Express Tribune