The State Bank of Pakistan on Thursday allowed banks to send electronically the statement of account to their credit card holders. It also asked banks to send SMS alert to credit card holders informing them that the e-statement has been sent via email.
In order to further facilitate banks and the customers the existing Regulation (PR - O-2) of Prudential Regulation for Consumer Financing has been revised and replaced as under which will be operational with immediate effect, says BPRD Circular Letter No 06.
Banks/DFIs will provide to the credit card holders, the statement of account at monthly intervals, unless there has 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.
However, the banks/DFIs may 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 e-statement of accounts in lieu of hard copy has been obtained and kept in record. However, for opting this mode, banks/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.
The SBP has further advised Banks/DFIs to provide free of charges a duplicate or hard copy of the statement whenever banks/DFIs are approached by their credit card holders.
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