This refers to BPRD Circular No. 11 dated June 22, 2015 on the above subject.

2. The Guidelines on Asaan Account were issued to expand outreach of banking services to all segments of the society especially the unbanked or the under banked in order to achieve broader objective of financial inclusion. Banks, vide the aforesaid Circular, were advised to implement the Guidelines by upgrading their systems, controls and procedures to incorporate the requirements of Asaan Account latest by July 31, 2015.

3. Banks, however, requested State Bank of Pakistan to extend the aforesaid timeline for effective implementation of the Guidelines. On representation of the banks, it has been decided to extend the aforesaid timeline till September 30, 2015. As a result of this extension, banks will now submit first quarterly report as of December 31, 2015 by January 07, 2016.

4. Besides, various banks have sought clarifications on different aspects of the Guidelines. In order to facilitate banks in successful implementation of Asaan Account, these clarifications in the form of Frequently Asked Questions (FAQs) are enclosed.

5. All other instructions on the subject shall remain unchanged.

6. Please acknowledge receipt.

Encl: As above