The State Bank of Pakistan (SBP) has issued a new framework making it easier for general consumers and merchants to open bank accounts, in a move to boost financial inclusion and streamline banking procedures.
According to the central bank, the new framework seeks to standardize the account opening process across banks while minimizing the documentation required. The goal is to ensure a smoother and faster experience for new account holders, with a maximum turnaround time of two working days.
The SBP has also directed all banks to provide digital payment solutions to merchants as part of the new policy. This is expected to encourage digital transactions and reduce reliance on cash-based dealings in the retail and commercial sectors.
“Banks must ensure that opening a new account for individual consumers is completed within two days and that applicants can track the status of their application,” the SBP said in its directive.
