Cutting costs: SBP allows banks to send e-statements

SBP allows banks to replace paper-based statements with electronic ones.

KARACHI: The State Bank of Pakistan (SBP) has allowed banks to replace paper-based statements with electronic ones for credit card holders. Also, they can now send monthly billing statements through email.

In a notification issued on Thursday, SBP also asked banks to send SMS alerts to credit card holders’ mobile numbers, informing them that e-statements have been emailed. SMS alerts must also include vital billing information, including outstanding amount and due date.

While banks and development finance institutions can utilise the facility to save paper and costs, they have been mandated to get each customer’s approval before switching them to virtual statements. Customers can always revert to the hard copy statements if they desire.

Published in The Express Tribune, March 25^th, 2011.