SBP Makes Call Back Confirmation Mandatory on ASAAN Mobile Accounts

The State Bank of Pakistan (SBP) has directed commercial and microfinance banks (MFBs) to reinstate the regulatory practice of Call Bank Confirmation (CBC) for the opening of ASAAN Mobile Accounts (AMAs) within 30 days from their opening. It has been decided that banks/ MFBs shall conduct CBC on AMAs within 30 days from their opening, instead of performing biometric verification within 60 days from the opening of AMAs, said a circular issued by the central bank. This will facilitate AMA customers, especially women, to continue availing the financial services through a seamless digital process, the regulator said. Further, banks/ MFBs have been advised to conduct CBC of all AMA customers whose accounts have been opened after the lapse of the subject temporary waiver on May 10, 2023, and have not been biometrically verified.