KARACHI: The State Bank of Pakistan (SBP) has issued service standards for enablement of minimum set of services on Mobile Applications for Roshan Digital Accounts (RDA) customers. RDA participating banks were advised by SBP to provide an exceptional and seamless digital experience to their customers via their web portals, mobile apps and other digital channels.
In this regard, SBP has asked the banks to complete the development of their mobile applications incorporating the minimum features, described by the SBP, pertaining to the RDA within next three months i.e. November 15, 2022.
As per SBP directives, the mobile application must have a full-fledged account opening facility for all types of RDA accounts and customer segments that the bank is offering.
It must provide options for investment in conventional and Islamic Naya Pakistan Certificates (NPCs) and requests for redemption or encashment of NPCs.
The mobile application has an option for requests for repatriation of funds from RDA and fund transfer services including interbank fund transfers via Raast and other platforms.
Bill Payment services including utility and 1Bill payments, online application or request and related processes for various RDA products including Roshan Apni Car and Roshan Apna Ghar showing updated status of the application.
Online access to Roshan Samaaji Khidmat services and option to Invest in Roshan Equity and bank’s own products, if available and offered, should also be a part of the application.
Online option of currency conversion transaction, with live visibility of exchange rate and online request for Cheque Books, debit cards, credit cards (if offered), for account statement, withholding tax certificate and account maintenance certificate, etc. to be included in the app.
It must provide instant confirmation of transactional activity, complaint lodging and its resolution status and live chat option and any other option that would facilitate RDA customers.
In addition, options for investments in Mutual Funds, Insurance, Government Securities such as T-Bills, PIBs, etc. will also be offered to customers, when available.
In case the banks are offering services that redirect the banks’ customers to a third-party interface, then the banks will mandatorily conduct third-party security assessments of the mobile apps and the channels providing connectivity to these third-party interfaces.
SBP has asked the banks to ensure compliance with all other relevant SBP’s instructions on mobile applications’ operations and security, etc. issued from time to time.
Copyright Business Recorder, 2022