Majority Banks To Start Processing Foreign Exchange Digitally By End Of Feb : SBP-BSC Chief

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Majority banks to start processing foreign exchange digitally by end of Feb : SBP-BSC Chief

Managing Director of State Bank of Pakistan's Banking Services Corporation Muhammad Ashraf Khan on Monday said that digitalization of foreign exchange, starting in March 2020, has been expanded from 8 to 13 banks

KARACHI, (UrduPoint / Pakistan Point News - 22nd Feb, 2021 ):Managing Director of State Bank of Pakistan's Banking Services Corporation Muhammad Ashraf Khan on Monday said that digitalization of foreign exchange, starting in March 2020, has been expanded from 8 to 13 banks.

Majority of these banks will be processing 88 percent of foreign exchange digitally by the end of this month and 98 percent by April 2021 whereas the banks will completely discontinue paper-based submissions after June 2021, said KCCI statement.

Managing Director of SBP-BSC, speaking at a meeting with members of Karachi Chamber of Commerce and Industry during his visit to the chamber, said the initiative to digitalize foreign exchange operation was taken to create ease for the business community by completely eradicating the paperwork and expediting the overall process which had successfully been implemented by many banks.

Head of Foreign Exchange Operations Department SBP Shakeel Muhammad Paracha, Director Exchange Policy Department SBP Arshad Mehmood Bhatti, Vice President KCCI Shamsul Islam Khan, Chairman of KCCI's Banking and Insurance Subcommittee Qazi Zahid Hussain, Advisor Banking and Insurance Subcommittee Ateeq-ur-Rehman also attended the meeting.

Managing Director of SBP-BSC also informed that everything had been transferred from manual to digital processing and the customers had the freedom to get online anytime either from their home or office to apply for delivery of remittances without any paperwork while the customers will receive updates and objections (if any) about his transaction on his/ her registered email address.

While assuring full support and cooperation, he stressed that the business and industrial community must come forward to adopt the digital mode for foreign exchange in which the customers could get registered themselves and track progress of case while relevant bank staff was also intimated about the progress and history of all the transactions was also maintained in a paperless environment.

KCCI Vice President Shamsul Islam Khan appreciated SBP's role which could be gauged from improved economic indicators particularly exports and remittances which have witnessed substantial growth.