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SBP New Framework to Facilitate Bank Accounts Remotely

According to news sources, the State Bank of Pakistan (SBP) stated in Karachi that a “Customer’s Digital Onboarding Framework” was developed to enable individuals and banks to remotely and simply open bank accounts using digital channels.

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The central bank announced that the account opening procedure has been simplified while ensuring compliance with international standards and regulatory mandates. It was stated that the framework will facilitate the opening of bank accounts with minimal documentation requirements for everyone, particularly unemployed women, self-employed individuals, and freelancers.

In addition, it was revealed that the accounts can be formed in four categories, based on functional constraints such as limits on fund transfers, deposits, and withdrawals. The classes include:

  • Electronic Account
  • Freelance Digital Account Asaan Digital Remittance Account
  • Asaan Digital Account
  • It was explained that you can begin with a basic account and upgrade to any other account you like. The SBP has instructed banks not to take longer than two business days to accept or deny account openings after all conditions have been met. In addition, the central bank has instructed banks to provide active customer care around the clock.

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In addition, banks must provide applicants with a tracking number so they may monitor status changes. The SBP has mandated that this framework be implemented by the banking industry by December 31, 2021.

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