The State Bank of Pakistan (SBP) asked all banks and microfinance banks for submission of payment systems data (PSD) of master circular through Data Acquisition Portal (DAP). According to State Bank, PSD Circular Letter No 07 of 2016, sent to all the Presidents and Chief Executives Officers of all Banks and MFBs, previously banks and MFBs were advised to submit Payment Systems data within 15 days after the end of reporting quarter via email, digitally signed by Head of Compliance and Head of Operations.
However, now in order to bring efficiency and accuracy in Payment Systems Data submission process, all Banks and MFBs have been directed to submit Payment Systems data of Master Circular through Data Acquisition Portal (DAP) within 15 days after reporting quarter ends. The first submission of quarterly report pertaining to July-September, 2016 will be due by October 15, 2016, the circular. In addition, the requirement of digitally signed email as required previously has been withdrawn. All other instructions shall remain the same, SBP said.
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