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Banks that provide poor digital banking services will be penalised by the state bank.

  • January 25, 2022
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According to Governor SBP, Dr. Reza Baqir, the State Bank of Pakistan (SBP) may consider punishing banks for inadequate digital banking services as a last resort to ensure good quality services for clients in the sector.
In response to a question from ProPakistani at the press conference about various banks’ consistently poor digital services, he said the banking regulator could consider a variety of options, including imposing penalties on banks and introducing a scoring table of key indicators to improve digital services.

However, he went on to say that the banking regulator encourages strong competition among banks, which allows clients to readily migrate from one bank to another in quest of superior service quality.


Governor Baqir stated that the banking regulator is working hard to build digital banks in the nation in order to provide clients with better, higher-quality, and more diverse financial services.


In Pakistan, digital banking has seen a sharp increase in use in recent years, as the COVID-19 outbreak prompted clients to switch to digital banking (mobile and internet banking) as a precautionary measure.

As a result, a big number of clients have been accustomed to utilising digital banking, but the network of a few banks has repeatedly failed due to a lack of capacity to handle a large volume of transactions. Customers have experienced trouble and suffering as a result of the persistent service flaws, which has lowered their faith in the modern banking system.

Common KYC

Dr. Reza Baqir stated that the banking regulator is striving to reduce banking rules at the conclusion of the customer’s journey by developing an uniform Know Your Customer (KYC) rule.


In this approach, after a consumer has registered with a bank by physical forms or digital onboarding, he will have a unique identity in the banking system, which will be sufficient for him if he transfers banks.


He went on to say that once a consumer has recorded his data with one bank, there is no need for him to register with another.

Low Interest Rates on Deposits

In response to a question concerning the banking system’s current low deposit and savings rates, the SBP Governor stated that the SBP may consider raising rates to promote savings in the nation, but that no decision has been made in this respect.


He went on to say that if inflation is kept under control, real interest rates will rise, attracting clients to participate in different deposit programmes.

 

reference: propakistani.pk

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Related Topics
  • Covid-19
  • Know Your Customer (KYC)
  • State Bank of Pakistan (SBP)
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