The State Bank of Pakistan (SBP) has asked the banks to ensure uninterrupted ATM services to their customers on Saturdays which, according to federal government’s Oct 13th energy conservation plan, would be observed by the banks as a holiday.
“In order to ensure that customers and specially the business community continues to avail uninterrupted access to the services provided through ATMs including cash withdrawal facilities during the weekends, banks are advised to ensure that their ATMs remain operational throughout and special arrangements should be made to monitor cash replenishment requirements and resolving other problems on real-time basis,” said an SBP circular. Warning of penal action in case of the banks’ failure to ensure compliance, the regulator also revised the cut-off timings for settlement in PRISM system that would take effect from October 17.
The settlement timings for Inter-bank Funds Transfer from Monday to Friday would be from 9am to 5pm whereas the timings for SBP transactions and clearing returns would be from 5pm to 5.30pm. The settlement timings for customer transfers on Monday to Friday would be from 9am to 2pm, 2pm to 3.30pm and 3.30pm to 4.30pm depending on the charges. The bank also decided to revise the cut-off dealing time for all permitted foreign exchange, derivatives and money market transactions and the new timing from Monday through Friday would be 9:00 am to 5:00 pm.
However, to facilitate banks and their customers it has been decided that all foreign exchange/derivatives transactions not involving Pak Rupees and the transactions on account of inward home remittances would be permitted up to 6:00 pm, Monday to Friday, the SBP circular said.
It said all foreign exchange transactions executed by authorised dealers during the day should be incorporated on the same day.
Further, the SBP through issuing DMMD Circular No. 17 notified the banks and primary dealers about the revised timings for availing SBP overnight repo/reverse-repo facilities under the Interest Rate Corridor Mechanism. “The time for intimating amount to State Bank of Pakistan by banks desirous of availing the SBP Overnight Repo/ Reverse Repo Facility from State Bank of Pakistan will be between 3:30pm to 4:30pm from Monday to Friday,” the circular said.
