Banks issues directive to bank to promote self-service banking
The State Bank of Pakistan (SBP) has instructed banks to ensure that at
least 25%
of their branch network is equipped with Cash Deposit
Machines (CDMs) by the end of 2028.
The initiative forms part of the SBP’s broader
strategy to promote self-service banking and accelerate digital financial
services across the country.
Banks and Microfinance Banks (MFBs) have been
asked to prioritize
CDM deployment at branches with high customer traffic and in
areas with significant cash demand. All institutions must submit their
implementation plans to the SBP by November 30, 2025.
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Banks may install cash deposit or recycling machines already listed on the SBP website, or introduce new models. Any new machine not on the approved list must be tested and cleared by the SBP Banking Services Corporation (BSC) Office in Karachi, in line with the central bank’s Currency Management Strategy.
Under the SBP guidelines:
·
Deposits through CDMs must
be credited
instantly to the beneficiary’s account.
·
Cash deposits by non-account
holders require biometric verification, with proper
records maintained according to regulations.
·
Account holders may use biometric verification
or debit/credit
cards for deposits.
·
Customer disputes must be resolved within
three working days.
·
Any CDM usage fees must be clearly
displayed before transactions are completed.
For security and transparency, banks are
required to:
·
Install CCTV cameras
covering CDM areas, retaining recordings for at least 60 days or until
disputes are resolved.
·
Ensure adequate lighting,
safety, privacy, and operational arrangements in CDM
vestibules.
This move is expected to significantly enhance
customer
convenience, reduce branch congestion, and support Pakistan’s
transition toward a more digital banking ecosystem.
Source: Profit Pakistan