The State Bank of Pakistan (SBP) has provided guidelines on Alternative Delivery Channels (ADCs) to further promote consumer repayment options. 

The SBP indicated that it has now been established that all banks/MFBs should provide their customers with fully interoperable digital payment solutions for repayments to consumer financing facilities as per Prudential Regulations for Consumer Financing. The following minimum requirements must be fulfilled in this regard: 

  1. On consumer ADCs, such as internet and mobile banking on the bill presentation/payment model, the repayment option will be applicable.  
  1.  The scheme shall recover for the specific loan, the balance of the outstanding loan, and the payment due at the time of settlement. Banks/MFBs shall, in this respect, guarantee that updated and accurate information is presented in order to prevent misunderstanding and conflicts.  
  1. Banks/MFBs have the right to authorize full or partial payment of the amount due according to their own rules and regulations.  
  1. SBP mentioned that all such online purchases/repayments, including credit card bill payments, shall be treated as payable/final in compliance with the customer’s acknowledgment collected from their banks on the date of execution of the purchase.  
  1. By June 30, 2021, the Central Bank has instructed all banks/MFBs to comply entirely with the provided guidelines. 

By Sumbul Jawad

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