SBP State Bank of Pakistan has asked all banks to implement the End-to-End Digitalization Drive to make Business related matters efficient.
This initiative is designed to incorporate in digital platforms making it easier for businesses in Pakistan. This will help in enhancing operational efficiency, and making the processing of Foreign Exchange (FX) related cases cost-effective and environment-friendly.
“Regulatory Approval System” (RAS) is a digital platform launched by the State bank of Pakistan. The end-to-end digitalization drive of this platform will result in facilitating banks while submitting online forms of FX-related cases to its Exchange Policy Department (EPD) and the Foreign Exchange Operations Department (FEOD) of its Banking Service Corporation (SBP BSC).
The SBP RAS is functional since 24 March 2020. The manual submission of cases is whereby discontinued, all the banks have been submitting their case online to Foreign Exchange Operations Department (FEOD). Also, the paper-based submission to Exchange Policy Department (EPD) was eradicated on 28 August 2020.
From the next round of end-to-end digitalization drive, SBP has asked all banks to form an online platform for its customers. This will make the online submission of cases to banks easier for customers and abolish paper-based submissions. Besides receiving cases digitally 21 banks have created their portals and are have their customers on board with them. As for the rest of the banks, it is said that the platforms are still in the phase of development.
SBP is focusing more on end-to-end digitalization for the submission of foreign exchange cases and has instructed all banks to form a portal for the related purpose. Banks have also been directed to have their customers onboard and educate them about this, while eradicating the paper-based submissions of FX-related cases by their clients by 30 June 2021.
The Banks have also been advised to have backups in case of any interruption and to ensure the continuity of business in case of disruptions in their portals.
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