IT exporters raise hell with bankers

IT professionals working for overseas clients unleashed a barrage of remittance-related complaints on Wednesday at a seminar attended by representatives of the State Bank of Pakistan (SBP) and commercial banks. Organised by the Pakistan Software Export Board (PSEB) and the Ministry of Information Technology and Telecommunication in collaboration with the SBP and the Pakistan Software Houses Association (P@SHA), the seminar let IT freelancers confront officials from the banking industry on the perceived effectiveness of the regime governing inward and outward dollar payments. One of the biggest concerns among IT professionals that dominated the question-and-answer session was excessive documentation requirements and in-person branch visits despite the digital mantra of the SBP and commercial banks. “Banks made strides in digitising their services during Covid-19, but there seems to be a reversal in their approach in subsequent years,” said one participant. Banks demand letters from PSEB and P@SHA before executing even a simple outward remittance, he added.