SBP allows e-statement for credit card users

KARACHI – The State Bank of Pakistan (SBP) has allowed the banks to send electronically the statement of account to their credit card holders. It has also asked the banks to send SMS Alert on credit card holders’ mobile numbers informing them that the e-statement has been sent via email. An SBP circular on Thursday stated the central bank revised its existing Regulation (PR-O-2) of Prudential Regulation for Consumer Financing to further facilitate the banks and customers.
The new regulations would come into effect immediately, it said. It said the banks and Development Financial Institutions (DFI) shall provide to the credit card holders, the statement of account at monthly intervals, unless there had been no transaction or no outstanding balance on the account since last statement.
“The statement of account should be dispatched to the credit card holders through a courier company or express post services of Pakistan Post,” the circular said. It, however, added that the banks and DFIs might also send statement of account in electronic form instead of hard copy to their customers subject to the condition that consent from the customers for sending electronic statement of accounts in lieu of hard copy has been obtained and kept in record. “However, for opting this mode, banks or DFIs shall make arrangement of ‘SMS Alert’ informing the card holders on given cell numbers, free of charge, that e-statement has been sent via email and mentioning therein outstanding amount/minimum payment due and due date of payment.”