State Bank Guidelines for Securing Digital Banking also RAAST

 State Bank Guidelines for Securing Digital Bankg. implementation of facial recognition system should be made possible during the next eight months.

The Central Bank of Pakistan has directed financial institutions to implement facial recognition systems within the next eight months to make digital banking secure and fraud free.

State Bank has directed financial institutions to enable facial recognition. Live verification of original documents and call verification systems in the use of digital apps. And make at least two of these steps mandatory.

The State Bank Pakistan has also directed to make alternative arrangements for the citizens residing abroad foreigners. Physically challenged persons with temporary disabilities. Where it is not possible to use alternative authentication options then personal authentication option must be used.

According to the Central Bank directives banks that do not take these steps. if their customers are victims of any kind of fraud or deception those banks must compensate them within 03 days of receiving the complaint.

State Bank Guidelines for Securing Digital Banking

According to the latest bi quarterly report released by State Bank. The number of users of State Bank's direct service increased by 72% during July December 2022. while the number of transactions recorded a 202 percent increase. And its value has increased by 488%.

Internet and phone banking have recorded a growth of 21 and 22% respectively during the same period. Meanwhile, the number of ATMs has also increased from 17,133 to 17,547. The number of payment cards has increased from 43 million to 46.5 million.

The number of users using the digital payments system Raast reached 25.8 million

Islamabad. April 16 APP The number of users using State Bank's digital payment system "Rast" has reached 25.8 million. The quarterly report said. According to the report at the end of the second quarter of the financial year the number of users using Rast has reached 25.8 million. While 578.6 billion rupees were transacted through Rast.

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According to the report in the 1st quarter of the current financial year a growth of 4.1% was recorded in e banking transactions. But the value decreased by 5%. In the second quarter of the financial year.  A banking growth rate increased by 12.6%. The report states that there has been an increase of 21% in mobile phone and internet banking since the fourth quarter of the financial year 2022.

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Internet and mobile phone banking transactions saw an increase of 11 percent in the first quarter of the fiscal year. The report said that the growth rate of POS Point of Sale terminals usage was recorded at 3.8 percent. By the second quarter of the financial year, the number of POS has reached 108,899, while a transaction of 493.2 billion rupees was made through it. has reached

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