Daily transactions are increasingly being carried out through banking websites and apps. However, it has been observed that when there are service outages, clients are not promptly informed appropriately, which causes them to experience problems with transactions.
The State Bank of Pakistan (SBP) has recently issued new instructions to assist the consumers of the financial institutions to guarantee that customers are informed about service disruptions due to any scheduled or unforeseen activities.
The SBP and consumers must now be notified in advance of any planned activity by banks that could disrupt service, according to the most current directives.
Financial institutions are obliged to advise consumers via SMS alerts, social media platforms, and in-app notifications at least two days in advance of any maintenance activity, while SBP will be notified at least one week in advance.
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SBP will routinely check the accessibility of digital channels as part of its supervisory duty.
Downtimes must be reported to SBP on a monthly cumulative basis. If the unplanned outage lasts longer than three hours each quarter, the central banks must be informed of the steps the relevant bank has taken to minimise future disruption.
