SBP Issues `Guidelines For Clearing Operations'
Fahad Shabbir (@FahadShabbir) Published September 21, 2017 | 07:25 PM
The State Bank of Pakistan (SBP) on Thursday issued `Guidelines for Clearing Operations' to facilitate general public for timely realization of funds in their accounts
KARACHI, Sept 21 (UrduPoint / Pakistan Point News - 21st Sep, 2017 ) : The State Bank of Pakistan (SBP) on Thursday issued `Guidelines for Clearing Operations' to facilitate general public for timely realization of funds in their accounts.
This would facilitate general public for timely realization of funds in their bank accounts and ensure consumer protection. The State Bank issued `Guidelines for Clearing Operations' for compliance by Clearing House (s) and its members (banks and microfinance banks) involved in clearing of Pak Rupee payment instruments.
The guidelines, which will be effective from Jan 1, 2018, have been issued in terms of the powers conferred upon State Bank of Pakistan under the Payment Systems and Electronic Fund Transfers Act, 2007.
In this regard, banks/microfinance banks have been advised to credit the customers' accounts within the timelines as defined in the Guidelines and in case they fail to do so they are obliged to compensate the customers for the delayed period (except the force majeure events declared and communicated to customers).
Banks/microfinance banks have also been advised to make arrangements for centralized clearing of their intercity instruments through their designated branches in cities where they are present to reduce the clearing time due to physical movement of instruments.
Further, in order to timely resolve customer complaints, dispute resolution mechanism with turnaround time has also been prescribed for banks/microfinance banks. In addition, all banks/microfinance banks have also been advised to disclose the cut-off time for presentment of payment instruments, timelines to credit the customers' accounts, and the roles, responsibilities and liabilities of customers with respect to collection and clearing of payment instruments.
Related Topics
Recent Stories
Attaullah Tarar’s success notification from NA-127 challenged
PSX witnesses positive trend today
PM Shehbaz meets CJP Isa to address IHC judges’ concerns
Pakistan vows to bring to justice perpetrators, abettors of Bisham terrorist att ..
May 9 riots: SC allows conditionally to military courts to deliver reserved verd ..
Interior Minister arrives in Peshawar after Shangla suicide attack
OPPO Reno 11 F 5G: Setting New Records as Pakistan's Most Beloved Smartphone Lin ..
PCB dismisses FICA's claims of unpaid dues in PSL
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 28 March 2024
Today Gold Rate in Pakistan 28 March 2024
Niger says US to submit plan to 'disengage' troops
Venezuelan opposition registers unknown poll contender after obstacles
More Stories From Business
-
Development of SMEs govt's top priority: Rana Tanveer
15 minutes ago -
PSX witnesses positive trend today
1 hour ago -
Gold rates up by Rs.1,500 to Rs.231,000 per tola
2 hours ago -
Pakistan earns US $419m from travel services' export in Jul-Jan
3 hours ago -
Tokyo stocks drop on ex-dividend day
4 hours ago -
Exchange rates for currency notes
4 hours ago
-
Foreign exchange rates
5 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 28 March 2024
7 hours ago -
Today Gold Rate in Pakistan 28 March 2024
7 hours ago -
Tokyo shares sink on ex-dividend day
8 hours ago -
Stock markets mostly rise, yen hits 34-year low
17 hours ago -
Asian markets mixed as traders assess latest rally, eye data and earnings
18 hours ago