SBP enhances digitization initiatives in banks

As per details, SBP has directed banks not to charge customers any activation, subscription or annual charges on internet and mobile banking services.

The central bank said that the digitization of the entire payment process is hindered if the customers can make payments to only those billers that are registered with their own bank.

However, to facilitate customers, the banks have been advised to make necessary arrangements to ensure that their clients can make online payments to maximum number of billers.

These services will include bill payments, online fund transfer services including Intra and Interbank Fund Transfers (IBFT), beneficiary management, limit management, credit and debit card management etc.

Considering the significance of digitization, the banks have also been directed to create a role of Chief Digital Officer (CDO) who would be responsible for navigating the digitization efforts.