State Bank allows commercial banks to start ‘Doorstep Cheque Collection’ and ‘Direct Cheque Deposit’ facilities

This decision will quicken the process of cheque clearance, which is the need of the hour for traders and industries.

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While most of Pakistan is on lockdown to prevent the spread of COVID-19, the central bank has allowed commercial banks to start ‘Doorstep Cheque Collection’ and ‘Direct Cheque Depoist’ facilities. This would limit social interaction between the customer and bank employees.

Businessmen and bankers say that this decision by State Bank of Pakistan will minimize the risk of the virus and ensure a timely supply of liquidity to industries in the country.

Under the ‘Doorstep Cheque Collection Facility’, arrangements will be made by commercial banks and Micro Finance Banks (MFBs) to collect cheques from addresses of customers upon request.

In a circular, the State Bank of Pakistan said that as a part of the service, across cheque may also be introduced by the payee/beneficiary directly into the drawee’s bank instead of their bank branches.

The central bank has also allowed banks and MFBs to offer drop box cheque collection facilities. Under this, the customers can simply drop their cheques into drop boxes installed in bank branches.

“Banks may allow their Corporates/Priority customers to send them the scanned image 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”, the circular read.

Bankers say the central bank will expedite the cheque clearance process that takes at least two days.

“It will lead to a sort of real-time transactions and will minimize the time of cheque clearance. It will also ensure ease of dealing with customers with limited person to person interaction’’ said senior banker and director for Center for Excellence in Islamic Finance Ahmed Ali Siddiqui.

This decision will quicken the process of cheque clearance, which is the need of the hour for traders and industries.

“In the current situation, this move of the central bank will ensure the supply of much-needed liquidity to the industries at a fast pace”, convenor at the Federation of Pakistan Chambers of Commerce and Industry Shaikh Amjad Rashid said.

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