KARACHI, Oct 28: Governor, State Bank of Pakistan (SBP), Dr Ishrat Hussain has asked banks to speed up development of e-banking.

“The e-banking should be in place by the year 2003 for the larger interest of the customers and banking sector itself,” he said here on Monday while addressing a conference on “e-banking”.

He said State Bank itself was also spending $24 million with the assistance of World Bank for data warehousing, networking, application of software and other banking solutions and the work will be completed by the end of 2003.

He said the central bank would continue to play its role as a catalyst and facilitator to develop banking system.

He said e-banking would reduce inter-mediation cost and add value to the products for the customers.

Moreover, the governor said that networking of the system with different utility departments would also facilitate the services being offered to the customers.

He said the e-banking was at introductory phase in the country and added that it will help save time and promote competency among the banks.

Ishrat said that the system should be so evolved that every single transaction be readily available and pointed out that HBL and National Bank of Pakistan were at the stage to connectivity.

He said e-commerce would not be possible without the development of e-banking.

He said a task force was also working for the promotion of the e-commerce and e-banking at the Ministry of Science and Technology.

The SBP governor further asked banks to re-visit their plans for development of e-banking as all the time new softwares keeping on cropping up.

He said the e-banking will improve the flow of remittances, increase business and deposits and cut lending rates.

The conference was also addressed by President MCB Mohammed Aftab Manzoor and Country Manager ABN Amro Bank Naveed Khan.—APP