Karachi: According to news reports, the State Bank of Pakistan (SBP) opened a dedicated online platform for Development Finance Institutions (DFIs) and Microfinance Banks (MFBs) to submit their online letters or proposals on Monday (November 15). The central bank wants to improve green banking operations through its Regulatory Approval System (RAS), which is an end-to-end digitisation of the regulatory approval process.
The newly designed module was published after the success of a similar project for the Foreign Exchange Operations Department (FEOD) and the Exchange Policy Department (EPD), according to the information (EPD).
This will also reduce wait times and increase the banking process’ efficiency. Banks will begin submitting letters and proposals to a specialised online site on the seventh day after the policy guideline circular is issued, according to the policy guidelines. Until December 31, 2021, this practise will be done out in conjunction with the manual technique.
The full procedure will be completed online after the December deadline. Governor SBP Dr Reza Baqir launched the RSA method for foreign exchange (FX) concerns in October 2020, and it was a success. The focus of the second phase is currently on microfinance banking and bank regulatory issues.