Islamabad: According to news reports, the State Bank of Pakistan (SBP) announced on Wednesday (September 15) the creation of a “Customer’s Digital Onboarding Framework” to make it easier for customers and banks to register bank accounts remotely and conveniently using digital channels.
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The central bank stated that the account opening procedure has been simplified while still adhering to international standards and regulatory regulations. The framework will make it easier for everyone — especially unemployed women, self-employed people, and freelancers – to open bank accounts with the bare minimum of paperwork.
According to reports, the framework was developed after extensive consultation with stakeholders and industry experts to address issues that banks may encounter during implementation.
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Furthermore, the accounts can be divided into four types based on functional limitations such as fund transfer, deposit, and withdrawal constraints. The following are some of the categories:
- Digital Account
- Asaan Digital Remittance Account
- Freelancer Digital Account
- Asaan Digital Account
More information was provided, including the fact that you can start with a basic account and upgrade to any account you want. After all of the requirements have been met, the SBP has instructed banks to approve or reject the accounts within two working days.
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In addition, the central bank has mandated that banks provide active customer help 24 hours a day, seven days a week.
Aside from that, banks must offer applicants with a tracking number so they may track their application’s progress. The SBP has given the banking sector until December 31, 2021 to execute this framework.
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