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Category: Money & Banking

Money and banking drive economic activity by facilitating transactions, savings, and investments. Banks manage financial resources, offer credit, and regulate money supply, ensuring stability and growth in Pakistan’s financial sector.

  • Roshan Digital Accounts: SBP issues instructions for facilitating overseas Pakistanis

    Roshan Digital Accounts: SBP issues instructions for facilitating overseas Pakistanis

    KARACHI: State Bank of Pakistan (SBP) on Wednesday issued instructions to designated banks for compliance in facilitating overseas Pakistanis in opening their bank accounts.

    The SBP said that it had launched the ‘Roshan Digital Accounts (RDA) for Non-Resident Pakistanis’ (NRPs) to enable them to remotely open bank accounts in Pakistan through online digital portals of your bank without physically visiting branches.

    For this purpose, SBP has already issued a simplified account opening framework and other regulatory instructions.

    Using their RDAs, NRPs can now avail digital banking facilities, including access to online banking, domestic funds transfer, utility bills and tuition fee payment in Pakistan, as well as investments in government bills, stock exchange, and real estate sector with option of full repatriation.

    To make the scheme a success it is imperative that participating banks provide excellent user experience and convenience to prospective and existing customers while maintaining high service standards. In this regard, the following instructions are being issued for strict compliance:

    Development and Continuous Improvements of RDA Portals and Mobile Apps: Banks shall ensure compliance with the following minimum requirements for developing and maintaining their web portals:

    Banks shall continuously endeavor to provide an exceptional and seamless digital experience to their customers via their web portals, mobile apps and other digital channels.

    Bank shall ensure that official Logo of RDA as provided by SBP is clearly displayed on web-portals, mobile apps and other marketing collaterals.

    Banks shall ensure full security of their digital channels including portals/mobile apps and ensure that customer information/documents are fully protected from unauthorized access.

    Bank shall ensure that Data Security and Privacy Assurance Statements, explicitly mentioning that all the information/documents and data provided by customers is secure and will not be divulged,  are displayed appropriately to ensure customer comfort in this regard.

    Banks shall ensure that their web portals clearly provide an overview of the RDA scheme, and also display eligibility criteria and documentary requirements, as specified by SBP in the Framework for Remote/ Digital Onboarding of NRPs.

    Banks shall ensure that video tutorials on how to open RDA account are provided on the web portals for customer assistance.

    To provide 24/7 customer support, banks shall ensure that live chat option or other messaging services such as WhatsApp and Facebook Chat options are working during account opening. Moreover, for customer information/guidance, banks shall ensure that Frequently Asked Questions (FAQs) are prominently placed on their RDA page and are regularly updated.

    Banks shall ensure that customers are able to save their applications, either themselves or automatically, at any stage of the account opening process.

    Banks shall ensure that a feedback form is available for customers who visit their portals/download mobile apps for account opening. Banks shall also provide other mechanisms for soliciting customer feedback via call centers, email, social media etc.

    Banks shall offer both Islamic and conventional accounts, where applicable/allowed and in various eligible currencies (and not just USD) as per the relevant rules and regulations of SBP.

    Banks shall provide services like online banking, online fund transfers in Pakistan, payments of utility and other bill, mobile and wallet tops ups in Pakistan, investment in government securities such as Naya Pakistan Certificates (NPC), round the clock currency conversion services, and immediate repatriation of funds to their customers.

    Banks shall also arrange for issuing debit, credit and virtual cards to their customers and enabling their online usage.

    Banks may work with other stakeholder and provide options for other lifestyle banking products like investments in Pakistan Stock Exchange, real estate and other products/services commensurate with customer KYC.

    Bank may offer the service to dispatch the ATM/Debit card and cheque book at the registered address of the NRP/POC card holders outside Pakistan. For this purpose, the banks shall explicitly mention the applicable charges, and take consent of the customer on the charges before providing this services. The banks shall institute effective controls to manage the associated risks.

    Account Opening Process: Banks shall ensure compliance with the following minimum requirements for ensuring a seamless account opening and monitoring process:

    Banks shall ensure that accounts are opened and activated after seeking the information as specified in the Framework for Remote/ Digital Onboarding of NRPs issued by BPRD and updated from time to time. If banks require additional information as per their internal policies, they may do so after the accounts are opened and activated.

    An account opening application may be considered as “In-Process”, once the bank receives a customer’s primary contact details such as name, valid email address/phone number and country of residence etc. These details should be solicited at the beginning of the account opening process. Banks shall ensure adequate follow up with these prospective clients to help them complete their application.

    However, the bank may mark the application as “Closed – Customer not interested”, if the customer fails to complete their application and provide relevant documentation within a reasonable time-period, to be determined by the bank but which shall not be less than 30 days, or explicitly informs the bank of their intent to withdraw their application.

    Banks shall depute adequate number of resources such as Relationship Officers to ensure that customers are contacted in a timely manner to avoid backlog of customer applications and unnecessary delays in account opening. Further, during the course of account opening, banks shall put in place an appropriate mechanism to update the customer of their application status, such as In-Process, pending due to missing information/documents, pending due to incorrect information, successful or declined.

  • Rupee eases by nine paisas against dollar

    Rupee eases by nine paisas against dollar

    KARACHI: The Pak Rupee depreciated by nine paisas against dollar on Wednesday owing to higher demand for import and corporate payment.

    The rupee ended Rs166.52 to the dollar from previous day’s closing of Rs166.43 in interbank foreign exchange market.

    Currency experts said that the market witnessed dollar demand for import and corporate payment. They said that improved activities in trade and industry rose the demand for imported goods.

    They said that the inflows of remittances and export receipts likely to help the rupee to improve levels against dollar in coming days.

  • Rupee falls by 56 paisas on rising import demand

    Rupee falls by 56 paisas on rising import demand

    The Pakistani Rupee experienced a decline of 56 paisas against the US dollar on Tuesday, driven by increased demand for import and corporate payments, according to currency dealers.

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  • Rupee eases by 10 paisas on import payment demand

    Rupee eases by 10 paisas on import payment demand

    KARACHI: The Pak Rupee eased by 10 paisas against dollar on Monday owing to higher demand for import and corporate payments, dealers said.

    The rupee ended at Rs165.87 to the dollar from last Friday’s closing of Rs165.77 in interbank foreign exchange market.

    The currency experts said that the rupee was under pressure against the foreign currency due to the first day of the week. They said that the rupee may rebound in coming days due to improved foreign exchange reserves of the country.

    The liquid foreign exchange of the country has increased by $121 million to $19.843 billion by week ended August 28, 2020, according to the State Bank of Pakistan (SBP).

    The foreign exchange reserves were at $19.722 billion by week ended August 21.2020.

    The official foreign exchange reserves of the SBP increased by $72 million to $12.713 billion by week ended August 28, 2020 as compared with $12.641 billion a week ago.

    Similarly, the foreign exchange reserves held by commercial banks also increased by $49 million to $7.13 billion by week ended August 28, 2020 as compared with $7.081 billion a week ago.

  • Rupee appreciates by 27 paisas on improved inflows

    Rupee appreciates by 27 paisas on improved inflows

    KARACHI: The Pak Rupee appreciated by 27 paisas against dollar on Friday owing to increase in foreign exchange reserves of the country, dealers said.

    The rupee ended at Rs165.77 to the dollar from previous day’s closing of Rs166.04 interbank foreign exchange market.

    Currency experts said inflows of export receipts and workers remittances helped the local unit to recover the value.

    They further said that the increase in foreign exchange reserves of the country also helped the rupee to improve value.

    The liquid foreign exchange of the country has increased by $121 million to $19.843 billion by week ended August 28, 2020, according to the State Bank of Pakistan (SBP).

    The foreign exchange reserves were at $19.722 billion by week ended August 21.2020.

    The official foreign exchange reserves of the SBP increased by $72 million to $12.713 billion by week ended August 28, 2020 as compared with $12.641 billion a week ago.

    Similarly, the foreign exchange reserves held by commercial banks also increased by $49 million to $7.13 billion by week ended August 28, 2020 as compared with $7.081 billion a week ago.

  • Rupee falls by 44 paisas on import payment demand

    Rupee falls by 44 paisas on import payment demand

    KARACHI: The Pak Rupee fell by 44 paisas against dollar on Thursday owing to demand for import and corporate payments, dealers said.

    The rupee ended Rs166.04 to the dollar from previous day’s closing of Rs165.60 in interbank foreign exchange market.

    Currency experts said that higher demand for import and corporate payments depreciated the rupee value.

    They said that the economic activities had been normalized after lifting the lockdown. The domestic industry requires imported raw material, they added.

    They, however, said that the rupee may recover in coming days owing to improved indicators especially surplus current account and narrowed trade deficit.

  • Rupee gains three paisas on improved sentiments

    Rupee gains three paisas on improved sentiments

    KARACHI: The Pak Rupee gained three paisas against dollar on Wednesday owing to improved sentiments on economic indicators, analysts said.

    The rupee ended Rs165.60 to the dollar from previous day’s closing of Rs165.63 in interbank foreign exchange market, according to data released by State Bank of Pakistan.

    The rupee appreciated by Rs2.83 against the dollar since August 26, 2020.

    Currency experts said that the rupee had recovered against the greenback owing to improved economic indicators including surplus current account, narrowed trade deficit and improved foreign exchange reserves.

    The experts said that the local unit would further gain in coming days owing to inflows of foreign remittances and export receipts.

    However, they said that demand for import payments after normalization of coronavirus impact could increase dollar demand.

  • SBP issues instructions to banks on sugar import

    SBP issues instructions to banks on sugar import

    KARACHI: State Bank of Pakistan (SBP) on Monday issued instructions to banks regarding import of sugar by private importers.

    The central bank said that the ministry of commerce had issued a public notice stating that the government had allowed import of 200,000 tons of white sugar by private importers as per the terms and conditions mentioned therein.

    The SBP said that to facilitate the import of sugar under the subject Public Notice, the banks may process the requests for import of white sugar as per following terms and conditions:

    Import may be allowed on behalf of those importers who have been issued permit(s) by the Ministry of Commerce under the above-mentioned Public Notice;

    Import may be allowed on CFR Free out basis, as an exception to the instructions given under Para 5 Chapter 13 of the FE Manual;

    Advance payment up to 100 percent of the value of letter of credit/contract/proforma invoice may be allowed, subject to compliance with other terms & conditions given under Para 30 of Chapter 13 of the FE Manual;

    The commercial banks have been asked to submit consolidated data of LCs issued and advance payments made, against issued permits, to Foreign Exchange Operations Department, SBP BSC, Head Office, Karachi on daily basis.

    The banks should also ensure compliance with all other terms & conditions of permit(s) issued by Ministry of Commerce.

  • Rupee makes significant recovery

    Rupee makes significant recovery

    KARACHI: The Pak Rupee made significant recovery against the dollar on Thursday owing to inflows of export receipts and remittances.

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  • Bank holidays announced for Ashura

    Bank holidays announced for Ashura

    KARACHI: State Bank of Pakistan (SBP) on Tuesday announced that the central bank will remain closed on August 29 and 30 on occasion of Ashura, Muharram ul Haram, 1442 AH.

    The SBP, in a statement, said that the central bank will remain closed on August 29-30, 2020 (Saturday and Sunday) on the occasion of Ashura, Muharram-ul-Haram, 1442 AH.