The State Bank of Pakistan (SBP) has approved the end-to-end digitization of the Regulatory Approval System or RAS. It has also launched a module on banking policy and regulation to promote green banking practices. The SBP has announced that the RAS Banking Policy and Regulation will be effective from November 24th 2021.
The purpose of a digitized RAS will enable Development Finance Institutions (DFIs) and Micro Finance Banks (MFBs) to digitally submit their requests and receive regulatory decisions through a single window. The single window operation will be directly linked to SBP’s Banking Policy and Regulations Department, which will allow the state bank to disseminate the regulatory decisions to them digitally.
In addition, the SBP Foreign Exchange RAS was launched last month, to digitize the end-to-end foreign-exchange related case submission processes.
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