Covid-19 Pandemic: ‘Banks will provide fit, authenticated and disinfected cash’- SBP

The SBP will guarantee to clean, disinfect, seal, and quarantine all cash being collected from hospitals and clinics and to stop the circulation of such cash in the market.

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SBP

The State Bank of Pakistan (SBP) has taken several measures to facilitate financial consumers during the corona virus crisis, including the provision of ‘disinfected cash’ and availability of ATM’s in the country.

Disinfected Cash

The SBP has issued a statement that says, “Banks will provide clean, authenticated, and disinfected cash. The SBP will guarantee to clean, disinfect, seal, and quarantine all cash being collected from hospitals and clinics and to stop the circulation of such cash in the market.”

According to the central bank, several measures have been taken to provide disinfected cash to banks. This step enables them to issue new cash or “the re-issuable cash that remained in quarantine for at least 15 days to their clients”.

Private Banks have been guaranteed that the SBP has an adequate quantity of fresh cash to meet the demand.

Availability of Services

According to the statement, “All functions and systems needed to provide banking services, including Real Time Gross Settlement System (RTGS), will remain open as usual even during the lock downs.”

The State bank has said that only those branches can remain closed where any member of the staff is diagnosed with the corona virus or where necessary human resources are not available.

The official statement further reads, “Continuous availability of ATM’s will be ensured by keeping them up and running 24/7 by the banks. Banks’ call centers and helplines must also be operational 24/7, and timely resolution of the complaints shall be ensured.”

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