SBP launches module for regulatory approvals of banking policy to promote green banking practices

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– AFP / File
  • SBP aims to enable banks, DFIs and MFBs to digitally submit their applications and receive regulatory decisions through a single window.
  • Banks, DFIs and MFBs can now submit their application proposals through an online portal to the banking policies and regulations department of the SBP.
  • The system had allowed clients to file their FX-related claims from any location of their convenience.

KARACHI: The State Bank of Pakistan (SBP) has launched a module on banking policy and regulations to improve efficiency and promote green banking practices.

In a statement released on Monday, the central bank said: “Building on its initiative to end-to-end digitization of the regulatory approval process, known as the Regulatory Approval System (RAS), SBP has now crossed a new step by launching a module on banking policy and regulation.

According to the statement, banks, development finance institutions (DFIs) and microfinance banks (MFBs) can now submit their letters of request / proposals on an online portal to the banking policies and regulations department of SBP, where SBP , after having processed them digitally, would also be able to disseminate regulatory decisions to them via the same portal.

It is relevant to mention here that in October 2020, SBP Governor Dr Reza Baqir launched the SBP FX RAS for the end-to-end digitization of the currency related (FX) case submission process.

The system had allowed clients to file their FX-related claims from any location of their convenience, saving valuable time previously spent navigating the paper-based processes.

“The implementation of the SIR for matters related to banking policy and regulation will be effective from November 24, 2021,” the statement said.

The central bank aims to enable banks, DFIs and MFBs to digitally submit their applications and receive regulatory decisions through a single window.

By SBP, in addition to online submission, banks, DFIs and MFBs must also continue manual submission of their files which will cease after a brief transitional period until December 31, 2021.

The implementation of SBP’s RAS is expected to conserve valuable resources, contribute to SBP’s Green Banking initiative and bring efficiency to communication between the banking sector and SBP. In addition, this arrangement will also replace paper submissions which are prone to logistics and storage issues, and cause unintentional and unnecessary delays for relevant stakeholders.


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