Islamabad, Jul 7 (IANS): To promote digitalization and eco-friendly practices, the State Bank of Pakistan (SBP) announced that it has developed an online portal system to enable regulated entities to submit their cases and proposals as well as receive regulatory decisions digitally.

The SBP Regulatory Approval System (RAS) will facilitate regulated entities such as banks, electronic money institutions, payment system operators and payment service providers, Xinhua news agency quoted the central bank as saying in a statement.

"With the launch of RAS banks, development finance institutions and microfinance banks started to submit their request letters and proposals on a dedicated online portal to the SBP's Banking Policy and Regulations Department," the statement said.

The SBP said that under the new program, payment systems policy and oversight are being rolled out for industry-wide implementation, adding that it will make submission of requests and proposals by regulated entities efficient, easy to track and paperless.

It will also allow the dissemination of regulatory decisions to regulated entities electronically through the RAS portal, according to the statement.

"The move is expected to create trust and allow regulated entities to get used to the new system," the statement added.