SBP Tells Banks to Open New Accounts in 2 Days and Boost Digital Payments
KARACHI – The State Bank of Pakistan (SBP) has asked all banks and financial institutions to open new customer accounts within two working days.
This new rule will make it faster and easier for people to get access to banking services. Customers will also be able to track the status of their account applications to improve trust and transparency.
To promote digital payments, SBP told banks to provide at least one digital payment option to all new and existing merchants. These can include Raast QR codes, POS machines, or e-commerce payment systems.
The central bank also said that banks should use easy and digital ways to open accounts. This will help customers open different types of accounts from their homes using simple online tools.
To support small businesses, SBP asked banks to group merchants into three types: micro, small, and registered. This will help banks offer better and more focused services to each group.
These steps are part of SBP’s larger plan to increase financial inclusion and reduce cash use. The bank has already introduced many new services like Asaan accounts, branchless banking, freelancer accounts, and digital options for overseas Pakistanis.
The SBP says that these changes will help more people and businesses join the formal banking system and follow global best practices.
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