The State Bank of Pakistan (SBP) has mandated commercial and microfinance banks (MFBs) to reintroduce the regulatory requirement of Call Bank Confirmation (CBC) for the initiation of ASAAN Mobile Accounts (AMAs) within a 30-day window from their establishment.
In a circular released by the central bank, it has been determined that banks/MFBs must execute CBC on AMAs within 30 days of their commencement, instead of conducting biometric verification within 60 days of AMA inception.
This move aims to streamline the digital process for AMA customers, particularly women, ensuring uninterrupted access to financial services, as stated by the regulator.
Additionally, banks/MFBs are urged to carry out CBC for all AMA clients whose accounts were opened subsequent to the expiration of the temporary waiver on May 10, 2023, and have not undergone biometric verification.
