Discrepancies in banking online

[img_assist|nid=8195|title=|desc=|link=none|align=left|width=100|height=75] All banks in Pakistan offering online banking transactions are being urged by the State Bank of Pakistan to employ all the necessary and possible sanctions along with Know Your Customer regulation in providing transaction authenticity.

As per the central bank statements, some incidents took place in the work of banks. After having given an approval of online credit or cash withdrawal to the beneficiary, banks reversed the entries without any forcible arguments. These reversals were explained as the reply to the difference in signature or shortage of funds in accounts.

In connection with these incidents the SBP states that once the transaction is complete, no bank shall reverse the entry except in cases which are permitted under the provisions of law.

On account of the fact that generally while banking online the instrument presented for payment at a branch makes the paying branch to execute the functions of a collecting and drawee branch, the responsibility for verification of the genuineness of the account holder / signatures is laid on the branch, as per State Bank staff report.