KARACHI – The State Bank of Pakistan (SBP) has digitised the refinanceprocess to facilitate banks for entertaining loan applications of exportersin more efficient and expeditious way resulting in quick disbursements.
The SBP issued a circular on Wednesday and said, “In a major step towardsease of doing business, the process for obtaining refinance from the SBP bybanks under the Export Finance Scheme (EFS) has been digitised for bothconventional and Shariah-compliant versions.”
“Initially, the digitised process of EFS cases will run in parallel withexisting manual submission for a short period,” said the SBP.
Thereafter, the paper-based submission of cases by banks will permanentlygive way to the electronic submission of cases.
The quick process for obtaining financing from SBP would also help theexporters to get the financing earlier. The exporters have been extended anumber of facilities, as a result, the country’s overall exports grew by25pc in the July-December period of FY22.
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Digitisation of the refinance process is envisioned to effectively usetechnology for enhancing operational efficiency, said the SBP, adding thatnow EFS-related cases and other relevant data will be submittedelectronically to the SBP by banks through an online platform forexpeditious regulatory decisions.
This online platform will also enable banks to track the updated status ofEFS-related cases submitted to SBP, on real time basis. Banks will be ableto retrieve the system-generated reports for updated status for onwardsharing with their customers.
