Karachi: The State Bank of Pakistan (SBP) on Monday (November 15) launched a dedicated online portal for the Development Finance Institutions (DFIs) and Microfinance Banks (MFBs) for their online letters or proposals, news sources reported. Through its Regulatory Approval System (RAS) –end-to-end digitisation of the regulatory approval process, the central bank aims to improve green banking operations.
As per the details, the newly developed module was released following the success of a similar initiative for the Foreign Exchange Operations Department (FEOD) and the Exchange Policy Department (EPD) According to the circular, with the launch of the new digital method, compliance and regulatory standards will be streamlined in a timely manner. This will also cut down on wait time and improve the efficiency of the banking process. As per the policy guidelines, banks will begin submitting their letters and proposals to a specialised online portal on the seventh day after the issue of the policy guideline circular. This practice will be carried out in conjunction with the manual method until December 31, 2021.
After the December deadline, the entire procedure will be done online. The RSA method for foreign exchange (FX) matters was started in October 2020 by Governor SBP Dr Reza Baqir and was a success. The second phase is currently focused on microfinance banking and regulatory issues in banks.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
