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SBP Directs Banks to Inform Prospects About Downtime of Digital Banking Channels

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The State Financial institution of Pakistan (SBP) has directed banks and monetary establishments to tell their prospects prematurely in regards to the downtime of the digital banking channels, attributable to unknown disruptions or scheduled upkeep.

In recent times, the reliance of shoppers on using digital channels for finishing up day-to-day transactions has elevated manifold. Nevertheless, it has been noticed that in circumstances of service outages, prospects will not be knowledgeable on time, and because of this, they face inconveniences, based on the round issued by the central financial institution.

To make sure that prospects are knowledgeable about service disruptions as a result of any scheduled or unexpected exercise, the next directions are being issued:

  • Prospects shall be told a minimum of two days prematurely by way of numerous communication channels together with however not restricted to SMS alerts, social media platforms, and in-app notifications.
  • SBP shall be notified a minimum of one week prematurely.
  • In any state of affairs the place downtime exceeds by greater than two hours of its deliberate period, then it needs to be instantly conveyed to the shoppers and reported to SBP.

In case of unanticipated service disruption for greater than thirty minutes, as a result of any cause:

  • Prospects should be instantly knowledgeable about any disruption of providers by way of the aforementioned communication channels, along with an estimated time of restoration of providers.
  • Prospects and SBP shall additionally be told as soon as providers have resumed as regular.
  • All Regulated Entities (RE) should set up mechanisms to repeatedly monitor social media platforms to proactively establish and handle buyer complaints or points regarding the supply of digital channels.

SBP, as a part of its oversight duty, will even be repeatedly monitoring the supply of digital channels.

Cumulative downtimes on a month-to-month foundation shall be reported to SBP. In case the unanticipated downtime exceeds greater than three hours per quarter, SBP shall be told in regards to the steps taken by the respective RE to keep away from disruption sooner or later.

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