The State Bank of Pakistan (SBP) has advised all banks to develop digital portals for end-to-end digitalisation of case submission and processing to further facilitate the business community in Pakistan, promote ease of doing business, enhance operational efficiency and make processing of foreign exchange-related cases cost effective and environment friendly. According to a statement issued on Tuesday, the central bank in the first phase of its end-to-end digitalisation drive launched an online platform – Regulatory Approval System (RAS) – to facilitate banks in online submission of foreign exchange-related cases to the SBP Exchange Policy Department and Foreign Exchange Operations Department of the SBP Banking Services Corporation (SBP BSC). In the next phase, the SBP instructed banks to develop portals to facilitate their customers in online submission of cases to banks and abolish paper-based case submission.
Published in The Express Tribune, March 17th, 2021.
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