Karachi: The State Bank of Pakistan (SBP) has recently reached a new milestone by releasing a banking policy and regulation module in the Regulatory Approval System (RAS).

According to a press release issued on Monday, with the launch of this module in RAS, banks, development finance institutions (DFIs), and microfinance banks (MFBs) can now submit their request letters/proposals to SBP’s Banking Policy and Regulations Department via a dedicated online portal, where SBP, after digitally processing them, will be able to disseminate regulatory decisions to them via the same portal.

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Dr. Reza Baqir, the Governor of the SBP, has inaugurated the SBP FX RAS in October for end-to-end digitisation of the Foreign Exchange (FX) case submission procedure.

The technology was a big success because it allowed consumers to submit FX-related requests from wherever they wanted, saving time previously spent navigating paper-based processes. It also allowed banks to submit FX-related matters to the SBP and SBP-Banking Services Corporation for regulatory approval (BSC).

The implementation of RAS for banking policy and regulatory matters will begin on November 24.

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It will allow banks, DFIs, and MFBs to make requests online and receive regulatory judgments through a single interface. However, in addition to online submission, banks, DFIs, and MFBs must continue to submit their cases manually, which will be phased out after a temporary transition period until December 31, 2021.

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