KARALCHI, Oct 5: The State Bank of Pakistan has decided to force banks to speed up their working with the help of modern technology to achieve minimum world standards.

The central bank made it mandatory upon all banks to add at least one ATM in their network while opening a new branch in a calendar year from next year.

“This directive has been issued to banks to improve coverage ratio of ATMs (the number of ATMs per branch) and to meet the minimum international standards,” said the SBP on Thursday.

Banking in Pakistan still relies heavily on papers instead of adoption of paperless technology, like ATM and online banking. The load of paper-based banking increases cost which hurts profits of banks and cuts benefits of investors.

“Effective from calendar year 2013 onwards, all banks will add one ATM in their network against each new branch to be opened in a calendar year,” said a circular issued by the SBP to the presidents and chief executives of all banks.—Staff Reporter