The State Bank of Pakistan (SBP) has launched an online portal ‘Regulatory Approval System’ (RAS) to enable regulated entities and banks to submit cases or proposals and receive regulatory decisions digitally. On Wednesday, the central bank stated that in order to promote digitalization and encourage eco-friendly practices, the system has been developed.
The Online Portal is Developed for End-to-End Digitalization
Previously, SBP implemented the Regulatory Approval System for its various functions aimed at end-to-end digitalization, whereby banks were enabled to electronically present cases connected to Banking Policy and Regulations and Exchange Policy. The SBP said that with the rollout of RAS banks, development finance institutions (DFIs) and microfinance banks (MFBs) have begun submitting their request letters and proposals on a dedicated online portal to SBP’s Banking Policy and Regulations Department.
Back in October 2020, SBP inaugurated the SBP FX Regulatory Approval System for end-to-end digitization of foreign exchange (FX) related case submission processes. The purpose of this initiative was to deliver a fully digitalized platform to the business community and individuals in approaching banks for their foreign exchange-related requests.
The Regulatory Approval System Will Submit the Proposals of Regulated Entities Efficiently
The system turned out to be a massive success as it allowed the customers to register their FX-related requests from the location of their convenience and also allowed banks to submit FX-related cases electronically for regulatory approval of SBP and SBP-Banking Services Corporation (BSC). In a similar vein, RAS for Payment Systems Policy and Oversight is being launched for industry-wide implementation. The RAS will enable the submission of requests and proposals by regulated entities efficiently, easy to monitor, and paperless.