SBP issues comprehensive instructions to banks to enhance customer experience with Call Centers

Call centers are rapidly becoming customers’ top choice to communicate with their Banks. Over time, the use of call centers by customers to seek information, guidance and redressal of complaints from their banks has increased significantly. On the other hand, the technological advancements are helping the banks to provide self-banking… Continue reading

Majority banks to start processing foreign exchange digitally by February end: Ashraf Khan

KARACHI: Managing Director of State Bank of Pakistan’s Banking Services Corporation Muhammad Ashraf Khan has said that digitalization of foreign exchange, which started in March 2020, has been expanded from 8 to 13 banks and majority of the banks will be processing 88 percent of foreign exchange digitally by the… Continue reading

SBP conducts a review of complaints against Banks/DFIs/MFBs from 2016 to 2019

State Bank of Pakistan (SBP) has conducted a four year (2016-2019) review of complaints against Banks/MFBs/DFIs. The objective of the review was to gain insights on effectiveness of complaint management at banks. The salient features of the review are being published to emphasize SBP’s narrative that responsible complaint handling is… Continue reading

GST be reduced to 14 percent to provide much needed relief: Agha Shahab

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Agha Shahab Ahmed Khan has stressed that the rate of GST should be reduced by 3 percent to 14 percent from current 17% which will have a very positive impact on business sentiment and it would trigger demand in domestic market,… Continue reading

Banks to electronically submit foreign exchange related cases through SBP online portal

KARACHI: Two core departments of State Bank of Pakistan (SBP) related to forex operations i.e. Exchange Policy Department (EPD) & Foreign Exchange Operations Department (FEOD) have recently arranged series of detailed presentation on foreign exchange operations and ‘SBP Online Portal’. After its formal launch this month, banks will electronically submit… Continue reading

S&P revises view of the economic risks facing banks in Australia

SYDNEY: National Australia Bank Limited (NAB) notes that S&P Global Ratings (S&P) has revised its view of the economic risks facing banks operating in Australia, reflecting the orderly decline in house prices over the past two years. Following the revision, S&P confirmed the stand-alone credit profile (SACP) of the four… Continue reading

Beneficial owners of Benami accounts to face consequences: FBR

ISLAMABAD: After refusal of Pakistan Banking Association (PBA) for updating Know Your Customer (KYC) requirements on account of beneficial owner in the light of Benami law, the FBR has warned of having dire consequence for the beneficial owners of accounts and also for those maintaining such accounts under the Benami… Continue reading

FBR seeks details of trust funds from all banks

ISLAMABAD: FBR Chairman Shabbar Zaidi has written letters to all banks seeking details of trust funds along with identification of persons involved in such activities. The Financial Action Task Force (FATF) under its 27 action plan has asked Pakistan to regulate non-profit organisations, trusts and other activities undertaken on name… Continue reading

FBR receives account holders’ data from banks

KARACHI: All the banks have provided all the information about their account holders to the Federal Board of Revenue (FBR), for which Chairman Syed Shabbar Zaidi has thanked the banks’ managements. [the_ad id=”32940″]The details of account holders are obtained for the purpose of identifying potential taxpayers and broadening the tax… Continue reading