KARACHI
\nThe State Bank of Pakistan (SBP) has now achieved another milestone by launching a module in the Regulatory Approval System (RAS) pertaining to banking policy and regulations.
\nAccording to a press statement issued on Monday, with the launch of this module in RAS, banks, development finance institutions (DFIs) and microfinance banks (MFBs) can now submit their request letters\/ proposals on a dedicated online portal to SBP\u2019s 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.
\nEarlier in October 2020, Governor SBP Dr Reza Baqir had launched the SBP FX RAS for end-to-end digitization of Foreign Exchange (FX) related case submission process.
\nThe system turned out to be a huge success as it 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.
\nIt also enabled banks to submit FX related cases electronically for regulatory approval of SBP and SBP-Banking Services Corporation (BSC).
\nImplementation of RAS for banking policy and regulation related issues will be effective from November 24, 2021. It will enable banks, DFIs and MFBs to digitally submit their requests and receive regulatory decisions through a single window.
\nNevertheless, 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.
\nImplementation of SBP\u2019s RAS is expected to conserve precious resources, contribute towards SBP\u2019s Green Banking initiative and bring efficiency in the communication between banking sector and SBP. Moreover, this arrangement will also replace paper based submissions that are prone to logistic and storage issues, and cause inadvertent and unnecessary delays for relevant stakeholders.
\nRAS is a regulatory initiative under SBP\u2019s Vision 2020 aiming at the digital flow of information amongst the stakeholders to improve the service standards through leveraging upon digital techniques. <\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI The State Bank of Pakistan (SBP) has now achieved another milestone by launching a module in the Regulatory Approval System (RAS) pertaining to banking policy and regulations. According to a press statement issued on Monday, with the launch of this module in RAS, banks, development finance institutions (DFIs) and microfinance banks (MFBs) can now […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-227584","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n