The State Bank of Pakistan (SBP) has issued an order to facilitate the bank’s customers
In its order, SBP orders to the banks for allowing their customers for having repayment options Alternate Delivery Channels (ADCs). So, the SBP issued the order that it has been decided for all the Banks must enable fully interoperable digital payment options for their ongoing customers. It is just to facilitate the customers with the repayment option in terms of financing facilities (which is defined as the Prudential Regulations for Consumer Financing). According to the SBP’s order here are mentioned the few minimum requirements that must be met:
Firstly, customers’ ADCs, the repayment option must be available including mobile and internet banking for paying bills.
Next, there should be no time limit that only certain fixed hours, the customers are bound to pay the payments. However, the banks’ system shall take the amount either its outstanding loan or the instalment due as well as some specific loan. Regarding this, all the MFBs/banks need to account for that clear information they should provide authentic and updated information for avoiding disputes and confusion.
Furthermore, it is issued that all the Banks/MFBs must possess the discretion for allowing the partial or full payment option regarding any paying amount; by this in their procedures and policies.
Moreover, including the Credit Card bill payments that come under the category of online payments or repayments are need to be considered as final/paid on execution of the transaction date after the customer’s acknowledgement from their using banks.
Before 30 June 2021, all banks/MFBs are bound to follow all the instruction that has mentioned earlier in this article by the SBP.