The State Bank of Pakistan has instructed all banks and financial institutions that opening a new bank account of common consumers does not exceed two days.
The Central Bank has released a comprehensive structure to make the account opening process more convenient, faster and transparent.
State Bank says that every user should also be given the facility to track its application process, so that the process can be the user -friend and reliable. All these measures are part of the ongoing efforts to promote financial inclusion in the country and to connect citizens to the banking system.
The Central Bank in a statement issued on Friday clarified that the new structure would allow users to on -boarding, restrict documentary requirements and open all types of accounts through digital interfaces.
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According to the State Bank, special accounts of various types have also been introduced for freelancers, foreign Pakistanis, remitters and branch -free banking users in recent years. Now the process of opening all these types of accounts in a digital manner has been made easier and safe.
Bank of Pakistan has also directed financial institutions to equip traders in a store or online business for at least one digital payment. Such as direct QR code, POS machine, or e-commerce checkout.
In addition, to facilitate traders, the State Bank has directed that micro, small and registered traders be classified and ensure low cost, easy digital points for them.
The State Bank says that these measures are being taken to convert cash -based economy into a digital system, increase commercial transparency and ensure financial security according to modern international requirements.