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Governor State Bank of Pakistan, Dr. Reza Baqir, unveiled the Asaan Mobile Account (AMA) today in a launch ceremony held at SBP headquarters Karachi. AMA allows opening of a branchless banking account by dialing a simple code *2262# on a mobile phone. The account holder can then deposit money in his or her account at any branchless banking agent and use the same for transactions through mobile phone. AMA is an initiative of State Bank of Pakistan (SBP) to achieve National Financial Inclusion Strategy (NFIS) target of promoting digital financial inclusion in the country. AMA has been launched with the key support of various stakeholders including PTA, NADRA, Branchless Banking (BB) Providers, Cellular Mobile Operators (CMOs) and Virtual Remittance Gateway (VRG). VRG has been licensed jointly by SBP and PTA under the regulations for mobile banking interoperability. The launch ceremony was chaired by Dr. Reza Baqir, Governor SBP and addressed by Ms. Sima Kamil, Deputy Governor SBP, Chairm...

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,...

By Abdul Qadir Qureshi (Pakistan News & Features Services) The State Bank of Pakistan (SBP) Governor, Dr Raza Baqir, assured the members of the English Speaking Union of Pakistan (ESUP) as well as others attending the meeting at Beach Luxury Hotel, Karachi, on March 2 that the economic conditions of the country were far better off in many areas as compared to the past. While the audience, having gathered much before the arrival of the chief guest, stood divided in believing the contents of the speech, the SBP Governor didn’t mind replying to tough questions in the interactive session.  Aziz Memon, the livewire President of the ESUP, showered Dr Raza Baqir with praise while introducing him formally before inviting the distinguished speaker to deliver the keynote address. At the end of the session, the SBP Governor was presented a shield by the ESUP officials. Dr Raza Baqir, having worked at key positions in the past, including a stint with the Internat...