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SBP introduces safer, easier cheque clearance options amid virus fears

The idea is to limit person-to-person activity

SAMAA | - Posted: Mar 28, 2020 | Last Updated: 1 year ago
SAMAA |
Posted: Mar 28, 2020 | Last Updated: 1 year ago

Photo: FILE

The State Bank of Pakistan has allowed banks to use several new facilities to make cheque clearance safe and easy amid the coronavirus outbreak.

In a circular issued on Saturday, the central bank said it is being done to combat the potential spread of COVID-19 by limiting person-to-person interactions and providing ease of services to customers.

These are some of the ways cheques can be deposited:

  1. A crossed cheque can be directly given to the paying bank, instead of the bank branches. So the money can be transferred by the paying bank either through RTGS customer fund transfer or the bank’s internal online system
  2. Banks can arrange cheque collections from registered addresses of customers on request.
  3. Customers can drop of cheques in a box at selected branches of their bank.
  4. Banks may allow corporate customers to send scanned images 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. 

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