KARACHI: The State Bank of Pakistan (SBP) has digitised the process of obtaining refinance from the central bank by banks under the Export Finance Scheme (EFS).
A press release said now the EFS related cases and other relevant data will be submitted electronically to the State Bank by banks through an online platform for expeditious regulatory decisions.
Initially, it added, the digitized process of EFS cases will run in parallel with existing manual submission, thereafter, the paper-based submission of cases by banks will permanently give way to the electronic submission of cases.
According to the press release, this online platform will also enable banks to track the updated status of EFS related cases submitted to SBP/SBPBSC, on a real-time basis. Banks will be able to retrieve the system-generated reports for updated status for onward sharing with their customers, it said.
The State Bank said under the digitized mechanism, there will be no need of transferring an exporter’s limit from one SBP BSC office to another SBP BSC office. This will ensure swift processing of EFS cases and benefit the banks/exporters availing financing facility under EFS.
