Thursday, May 23, 2024
News FlashSBP mandates digitization

SBP mandates digitization

The State Bank of Pakistan (SBP) has made it mandatory for its regulated entities including banks, microfinance banks, payment system operators and payment system providers to provide digital means of payments to corporate clients to enable businesses to send and receive payments, a statement confirmed.

In order to monitor the progress of implementation of these instructions, the SBP has advised banks to submit a roadmap of implementing these measures within 30 days.

Banks are also required to submit quarterly progress reports to the SBP on the number of businesses facilitated for digitization of payments and receipts.


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