The State Bank of Pakistan has issued a circular to the banks asking them to faciliate the credit card holders. The issued circular is about the operational guidelines for the credit card business in Pakistan. The circular was issued on Monday.
The central bank noticed that majority of the credit card providing banks were not accepting the credit card bills via the alternate delivery channels (ADCs) which included the mobile banking, internet banking, ATMs and branchless banking especially from the customers of other banks than the issuing one.
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In this scenario, the State Bank of Pakistan has suggested the banks to make sure that all credit card customers were given with an option to pay their credit card bills making use of the Bill Payment Services (BPS), enabling the credit card users to pay their bills of their respective credit cards via ADCs (ATMs, mobile banking, internet banking, etc.), via the on the branch counters of any bank and through the branchless banking agents.
The banks have been suggested to align their systems with the required changes by the 31st of March 2019. All the credit card issuing banks must submit their project plans to the PSD as soon as by the 30th of November 2018.
The banks were further suggested to make sure thorough compliance of the provided instructions within the postulated time frame, failure do so would be resulting in severe action under relevant laws.