Islamabad, Apr 18 : State Bank has directed all banks to secure digital banking, otherwise online fraud victims will have to be compensated within 3 days.
State Bank of Pakistan has issued a notification directing all banks to ensure the safety of digital banking, otherwise they will have to compensate the defrauded user within 3 days. The notification reminds bank heads and chief executives to make digital banking secure.
Banks are bound to develop an implementation plan, approved by the chief executive of the microfinance bank, by December 31, 2023, and the progress of the plan should be assessed every month. State Bank has made it clear that if control is not implemented by the specified timeline, banks will be responsible for compensating the defrauded users within 3 days.