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Pakistan’s banks to facilitate customers to combat COVID-19

By Syed Sajid Aziz
(Pakistan News & Features Services)

The banks operating in Pakistan have been allowed to facilitate their customers in the wake of Coronavirus (COVID-19) pandemic, having rocked the world. The circular in this regard was issued by the country’s central bank on March 28. 

The State Bank of Pakistan (SBP), in an attempt to combat the potential spread of the pandemic, has advised for limiting person-to-person interactions and to provide ease of services to the customers of the various banks. 

Now Direct Cheque Deposit Facility is being introduced under which a crossed cheque may be presented by payee/beneficiary directly into the paying/drawee bank instead of their bank branches as per the existing practice. 

Doorstep Cheque Collection Facility has also been launched in which Banks/MFBs may make arrangements to collect cheque from registered addresses of their customers upon their request. 

Drop box Cheque Collection Facility, under which customers may drop their cheques in drop boxes of their banks, will be installed in selected branches while the banks have also be authorized to allow their Corporates/Priority customers to send them the scanned image of the cheque along with relevant details of the Beneficiary either through registered emails or through mobile Apps of their banks to push funds from their accounts to the payee bank. 

The banks are being encouraged to implement additional risk mitigating measures as per their internal policies while offering these services to their customers. 

Further, in order to minimize person-to-person interaction, Banks/MFBs may also make arrangements with the Clearing House (NIFT) for clearing their cheques through Image Based Clearing (IBC) functionality as per the agreed SOPs between NIFT and banks.
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