Banks told to protect digital accounts

Published
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A circular was issued by the SBP to all banks on Wednesday regarding the RDA which has been recently launched for NRPs to enable them to remotely open bank accounts in Pakistan. — APP/File
A circular was issued by the SBP to all banks on Wednesday regarding the RDA which has been recently launched for NRPs to enable them to remotely open bank accounts in Pakistan. — APP/File

KARACHI: The State Bank of Pakistan has asked banks for strict security and to ensure full protection to the account holders of Roshan Digital Accounts (RDA) being opened for Non-Resident Pakistanis (NRP).

A circular was issued by the SBP to all banks on Wednesday regarding the RDA which has been recently launched for NRPs to enable them to remotely open bank accounts in Pakistan. They can operate the digital portals without having to physically visiting branches.

Using RDAs, NRPs can now avail digital facilities, including access to online banking, domestic funds transfer, utility bills and tuition fee payment in Pakistan, as well as investments in government bills, stock exchange, and real estate sector with the option of full repatriation.

“Banks will ensure full security of their digital channels including portals and mobile apps and ensure that customer information or documents are fully protected from unauthorised access,” said the SBP.

According to the SBP, banks will ensure that Data Security and Privacy Assurance Statements, explicitly mentioning that all the information or documents and data provided by customers is secure and will not be divulged, are displayed appropriately to ensure customer comfort in this regard.

Banks will offer both Islamic and conventional accounts and in various eligible currencies (and not just US dollar) as per the relevant rules and regulations.

They will also provide services like online banking, online fund transfers in Pakistan.

Published in Dawn, September 10th, 2020

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