'Asaan Account': SBP advises banks to revisit strategy

The State Bank of Pakistan (SBP) Wednesday advised banks to revisit their strategy towards "Asaan Account" and launch fresh public awareness campaigns to this effect. As part of National Financial Inclusion Strategy (NFIS), the SBP introduced a new bank account category namely "Asaan Account", in June 2015, for low-risk customers with simplified account opening requirements/procedure.
Accordingly, the comprehensive guidelines with simplified account opening procedures were also issued to expand the 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.
As per these guidelines, the banks were also required to develop quarterly and yearly plans to open 'Asaan Accounts' and to submit quarterly reports to the SBP as per the format prescribed in the aforesaid Circular of 2015.
According to BPRD Circular No 11 of 2015, issued Wednesday, the SBP has observed that the progress by some of the banks is encouraging; however, despite these efforts it remains below par on the part of other banks. Therefore, the SBP has emphasized on banks/MFBs 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 also 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. All other instructions on 'Asaan Account' remain unchanged.
The SBP has been actively promoting financial inclusion in the country by expanding the outreach of banking services to all segments of the society through conventional and innovative channels. However, despite SBP's efforts, a large portion of population still remains excluded from financial services. In order to enhance the financial inclusion in Pakistan, the SBP has formulated a National Financial Inclusion Strategy (NFIS) wherein a target of 50 percent growth in bank accounts by adult population by the year 2020 has been set out.