Circulars/Notifications - Banking Policy & Regulations Department  
 BPRD Circular No. 04 of 2023
April 14, 2023

The Presidents/ Chief Executives
All Banks/ Microfinance Banks (MFBs)



Dear Sir/Madam,

Measures to Enhance Security of Digital Banking Products and Services

The rapid growth in Digital Banking Products and Services supports digital transformation of the financial landscape and enables the banks/MFBs to cater to the growing needs of banking customers. However, adoption of digitization needs to be supplemented with necessary controls to mitigate the risk of fraudulent activities.

  1. State Bank of Pakistan (SBP), from time to time, has been advising the banks / MFBs to implement appropriate controls and remedial measures for enhancing security of their digital banking products and services. In this continuum, to enhance the security of digital banking products and services, SBP has prepared a set of control measures which are given at Annexure - A.

  2. Banks/ MFBs are advised to develop a comprehensive plan with monthly milestones, to be implemented by December 31, 2023, duly approved by the Chief Executive Officer (CEO) and submit the same to their relevant Banking Supervision Department (BSD) in SBP, within thirty (30) days from the issuance date of this Circular. Thereafter, a monthly progress report shall be submitted to the concerned BSD within ten (10) days from the close of each calendar month.

  3. Banks/ MFBs failing to implement these controls within the stipulated timeline shall be liable to compensate their victim customer(s) within three (3) working days of the reporting of fraud, apart from any enforcement action under the applicable laws & regulations.

  4. Please acknowledge receipt.

Enclosure: Annexure “A”



Yours truly,

Sd/-

(Muhammad Akhtar Javed)
Director



       
Home
About SBP
Publications
Economic Data
Press Releases
Circulars/Notifications
Laws, Legislations & Regulations
Monetary Policy
Help Desk
SBP Videos
Feedback
Contact us
What's New?
Speeches
Online Tenders
Web Links

Educational Resources
Regulatory Returns
Library
Rupey ko Pehchano
Events
Zahid Husain Memorial Lecture
Careers
Sitemap
 
Best view Screen Resolution : 1024 * 768
Copyright © 2016. All Rights Reserved.