The State Bank of Pakistan (SBP) has launched a new and easier system to make it simple for people and businesses to open bank accounts. This new framework will help people open accounts faster, with fewer documents and less hassle.
Now, anyone can open any type of bank account through digital channels. This means you do not have to visit the bank branch physically if you don’t want to. The whole process has been made quicker too — banks must finish the account opening process within two days.
Customers will also be able to check the status of their application online. This way, they will know exactly what is happening with their request instead of waiting blindly.
For businesses, this is great news too. Banks are now required to give digital payment tools to merchants, like Raast QR codes, point-of-sale (POS) machines, and options to receive payments through online stores and e-commerce websites.
This step is expected to help more people join the banking system, which is called financial inclusion. It will also support small and medium businesses to grow and accept digital payments easily.
Another goal of this new plan is to reduce the use of cash in daily life. By making digital banking easier, the SBP wants people to use safer and quicker ways to pay and get paid.
