On Sep. 4, PAK CB issued a circular on digitization initiatives in banks.
PAK CB published a circular letter on enhancing digitization initiatives in banks.
Follows PAK CB Mar. 2021 enhanced digitization initiatives in banks/MFBs, #100000.
Outline of Circular Letter
Banks shall develop and submit a plan by Nov. 30, 2025 to increase the number of cash deposit machines (CDMs) to 25% of the branch network of banks by 2028.
Where banks select new machines not listed on PAK CB's website, they must get them tested and cleared by PAK CB Banking Services CorporationOffice, Karachi.
As operational requirements, banks shall give instant credit of funds to the beneficiary's account against the cash deposited in the CDM, conduct biometric verification for cash deposit transactions by persons other than customers.
Retain the record of such transactions, resolve customers disputes re CDM transactions within 3 working days from the date of lodgment, install CCTV cameras to monitor/record activities within the CDM vicinity, retain recordings for at least 60 days.
Ensure proper lighting, customer safety, privacy, other arrangements for CDM vestibules; display any fee charged on CDM screen before executing transactions.
Effectiveness
Banks must submit their plan to increase the number of CDMs by Nov. 30, 2025.
Regulators
PAK CB
Entity Types
Bank
Reference
Cir Lt PSP&OD 1 of 2025, 9/4/2025
Functions
Complaints; Compliance; Financial; Operations; Privacy; Record Retention; Reporting; Risk; Technology
