State Bank of Pakistan

This refers to BPRD Circular No. 11 dated June 22, 2015 and BPRD Circular Letter No. 24 dated July 31, 2015 on the above subject.

2. As you are aware that the Guidelines on Asaan Account were issued to expand outreach of banking services to common people especially the unbanked or the under banked low risk customers in order to achieve broader objective of financial inclusion. The banks were also required to develop quarterly and yearly plans to open Asaan Accounts and to submit quarterly reports to SBP as per the format prescribed in aforesaid Circular of 2015.

3. It is observed that the progress by some of the banks is encouraging; however, it remains below par on the part of other banks. Banks/MFBs are therefore emphasized to revisit their strategy towards Asaan Account and launch fresh public awareness campaigns to sensitize general public about the benefits of banking services and features of Asaan Account as per the Guidelines. Meanwhile, the format of reporting progress of Asaan Accounts has been revised to include quarterly promotion plans and progress there against which will be monitored on continuous basis. Henceforth, the quarterly report showing progress of Asaan Accounts should be submitted as per the revised format: Annexure ‘A’.

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

5. Please acknowledge receipt.

Encl: As above