SBP di­rects banks to en­sure In­ter­net bank­ing sys­tems

The Pak Banker - - FRONT PAGE - Muham­mad Yasir

State Bank of Pak­istan (SBP) HAS di­rected all com­mer­cial banks to re­im­burse its cus­tomers for the mon­e­tary loss in­curred due to se­cu­rity breach of in­ter­net bank­ing sys­tem if not caused or con­trib­uted by cus­tomers.

Banks shall en­sure in­ter­net bank­ing sys­tems with se­cure tech­nol­ogy which should be regularly re­viewed and up­dated as per re­quire­ments of the cus­tomers and ad­vance­ment in the mech­a­nism.

It should take ap­pro­pri­ate meas- ures to en­sure that its smart­phone and mo­bile ap­pli­ca­tions are se­cured and regularly re­viewed and up­dated for this pur­pose. The cen­tral bank also in­structed banks to make avail­able de­tailed terms and con­di­tions to cus­tomers about gen­eral de­scrip­tive in­for­ma­tion re­lat­ing to the use of in­ter­net bank­ing ser­vices.

Banks should dis­close promi­nently the is­sues when a cus­tomer en­ters into an agree­ment for in­ter­net bank­ing ser­vice in­clud­ing the cus­tomer's li­a­bil­ity for unau­tho­rized trans­ac­tions, and all fees and charges which will ap­ply to the in­ter­net bank­ing ser­vice.

Banks should ex­plain cus­tomer about their obli­ga­tions in re­la­tion to se­cu­rity for the in­ter­net bank­ing ser­vice in­clud­ing means for re­port­ing se­cu­rity in­ci­dents or com­plaints.

The cen­tral bank asked banks to es­tab­lish cen­tral­ized mon­i­tor­ing unit to mon­i­tor ATM oper­a­tions 24/7 to ad­dress out of cash and out of or­der in­ci­dences; and en­sure that fake cur­rency notes/un-ac­cept­able notes are not dis­bursed through ATMs.

Fur­ther­more, the banks are di­rected to re­place and re­pair ATMs and its parts af­ter rea­son­able use­ful life as per in­ter­na­tional stan­dards and prac­tices. SBP in its Guide­lines for Busi­ness Con­ducts for Banks is­sued on Mon­day di­rected banks about do­ing busi­ness in the fair and trans­par­ent ways us­ing dif­fer­ent mech­a­nism for oper­a­tions and pro­mo­tion of their ser­vices and prod­ucts.

SBP has is­sued a set of in­struc­tion to all com­mer­cial banks re­lated to their busi­ness em­pha­siz­ing on keep­ing the recorder of their cus­tomers con­fi­den­tial whereas avoid hid­den charges of the ser­vices and prod­ucts.

The banks will en­sure credit of non-dis­pensed cash at ATMs in cus­tomer's ac­count on next busi­ness day, if the trans­ac­tion is made at Same Bank at Same Branch; within 3 busi­ness days if the trans­ac­tion is made at Same Bank at Dif­fer­ent Branch, In­tra-City (within same city), the cen­tral bank said.

The bank with re­spect to non­in­ter­est charges will give 30 days prior no­tice be­fore in­crease in charges and al­low cus­tomers to exit the con­tract with­out penalty, pro­vided such right is ex­er­cised within the no­tice pe­riod.

All banks shall main­tain fi­delity and se­crecy and shall not dis­close any in­for­ma­tion about its cus­tomers and their ac­counts, as per pro­vi­sion of Sec­tion 33-A of the Bank­ing Com­pa­nies Or­di­nance, 1962, ex­cept where the cus­tomer has con­sented to dis­close the in­for­ma­tion or com­pelled by laws/reg­u­la­tions.

The cen­tral bank di­rected all com­mer­cial banks to es­tab­lish and strengthen a cus­tomers' com­plaints unit for im­me­di­ate res­o­lu­tions of is­sues ap­point­ing a se­nior bankers for ad­dress­ing is­sues with easy ac­cess given to cus­tomers.

The bank will strengthen com- plaints unit/sec­tion and iden­tify and en­trust re­spon­si­bil­ity to ap­pro­pri­ate se­nior per­sons.

The ti­tle/des­ig­na­tion, tele­phone/fax num­bers, email ad­dresses and postal ad­dresses of these per­sons will be avail­able to the cus­tomers from the bank's call cen­tre, web­site and also in­cluded in billing and other com­mu­ni­ca­tions of banks to fa­cil­i­tate cus­tomers with var­i­ous modes of com­mu­ni­ca­tion.

The en­trusted se­nior per­son will ac­knowl­edge all com­plaints, ad­dress/han­dle and in­ves­ti­gate com­plaints in a fair and prompt man­ner; de­vise a sys­tem for re­dres­sal of the com­plaints in an ap­pro­pri­ate and cour­te­ous man­ner; re­ply the com­plainant clearly in­di­cat­ing the rea- sons/ra­tio­nale of the de­ci­sion be­ing con­veyed to him/her.

The re­ply in Urdu lan­guage where the com­plainant has used the lan­guage other than English, if pos­si­ble; re­spond com­plaints within a pe­riod of 10 work­ing days un­der Sec­tion 36(2) of the Pay­ment Sys­tem and Elec­tronic Funds Trans­fers Act 2007.

The banks are di­rected to send an in­terim re­ply where a com­plaint re­quires fur­ther in­ves­ti­ga­tion in­di­cat­ing the rea­sons for the time to be taken and ex­pected date of ac­tion/re­sponse; and de­cide the case, within a pe­riod of 10 work­ing days un­der Sec­tion 36(2) of the Pay­ment Sys­tem & Elec­tronic Funds Trans­fers Act 2007.

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