The State Bank of Pakistan (SBP) has now achieved another milestone by launching a module pertaining to banking policy and regulations, which is part of the Regulatory Approval System (RAS). In light of the RAS module’s launch, banks, development finance institutions (DFIs), and microfinance banks (MFBs) can now submit their request letters/proposals to SBP’s Banking Policy and Regulations Department via an online portal, and SBP will then be able to disseminate the regulatory decisions to them via the same portal. In October 2020, Dr. Reza Baqir, Governor of the SBP, launched the SBP FX RAS for the digitisation of Foreign Exchange (FX) related case submissions. As a result, the system has been a huge success, allowing customers to submit their FX-related requests from the location of their choice, saving them valuable time previously spent navigating the paper-based procedures. In addition, banks were able to submit FX-related cases electronically to SBP and SBP-Banking Services Corporation for regulatory approval (BSC). RAS for Banking Policy and Regulation-related issues will go into effect on November 24, 2021, according to the plan. Banks, DFIs, and MFBs will be able to submit their requests electronically and receive regulatory decisions from a single point of contact. After the short transitional period until December 31, 2021, the manual submission by banks, DFIs, and MFBs are to continue for the time being. Preserving precious resources, contributing to the SBP’s Green Banking initiative, and enhancing banking sector communication are all expected outcomes of SBP’s RAS implementation, which is expected to be completed by the end of 2017. Paper submissions, which are prone to logistical and storage issues, will also be replaced by this arrangement, which will eliminate unnecessary delays for relevant stakeholders. SBP’s Vision 2020 includes the RAS regulatory initiative, which aims to improve service standards by leveraging digital techniques to facilitate the digital flow of information among stakeholders.