Coronavirus COVID-19: SBP Has Directed Banks to Facilitate Customers with Digital Banking

Due to the outbreak of coronavirus in the country, the State bank of Pakistan SBP is contributing to promote safety measures and overcome the challenges faced by the public.

According to the recently issued press release, “Given the pivotal role of the financial sector in providing services to the general public and particularly the businesses, the SBP after consultation with stakeholders has instructed banks to take specific measures to provide their services seamlessly taking due care of reducing the risk exposure amid coronavirus.”

SBP announces to promote digital payment services including internet banking and mobile phone banking to reduce the number of visitors on different branches of banks. Bank customers can transfer money through mobile banking and hence the number of visits per customer can be reduced to a great extent.

Banks have been directed to ease their customers with the 24/7 availability of helplines and online banking facilities. Furthermore, it has also been advised to the banks to continue loan repayments through internet banking.

State Bank of Pakistan is also expecting banks to increase the monitoring process to eliminate fake or fraud transactions. The SBP is collaborating with stakeholders to continuously evaluating the situation and will take every possible measure to improve the safety of the public.

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