In a statement, the central bank said: “Building upon its initiative of end-to-end digitisation of regulatory approval process, known as Regulatory Approval System (RAS), SBP has now achieved another milestone by launching a module pertaining to the banking policy and regulations.”
According to the statement, banks, development finance institutions (DFIs) and microfinance banks (MFBs) can now submit their request letters/proposals on an online portal to SBP’s Banking Policy and Regulations Department, whereby SBP, after digitally processing them, would also be in a position to disseminate the regulatory decisions to them through the same portal.
The system had enabled the customers to lodge their FX related requests from the location of their convenience thereby sparing their valuable time previously spent in navigating the paper-based processes.
“Implementation of RAS for Banking Policy and Regulation related issues will be effective from November 24, 2021,” the statement read.
The central bank aims to enable banks, DFIs and MFBs to digitally submit their requests and receive regulatory decisions through a single window.
Per SBP, in addition to online submission, banks, DFIs and MFBs shall also continue with the manual submission of their cases that will cease after a brief transitory period till December 31, 2021.
SBP’s Green Banking initiative shall bring efficiency in the communication between the banking sector and SBP. Moreover, this arrangement will also replace paper-based submissions that are prone to logistic and storage issues.