KARACHI (APP) - State Bank of Pakistan has reduced the timelines for the payment and settlement of home remittance transactions under Pakistan Remittance Initiative (PRI) to facilitate banks and beneficiaries of home remittances. According to a SBP Circular, timelines have been revised keeping in view the problems faced by banks in crediting beneficiary accounts on the same day due to time and resource constraints. New timelines for the first and second batch of transactions have become effective from Jan 4. First batch is referred to remittance transactions received up to 0900 hours that potentially cover remittances from countries within the time zone of USA, partially Europe and Middle East. Whereas, second batch is referred to remittance transactions received from 0900 to 1500 hours that potentially cover remittances from the countries within the time zone of Middle East and Europe. After the successful implementation of payment systems architecture in all six participating banks for delivery of home remittances so that remittances are credited in one hour time to beneficiary accounts, the time lines for two batches processed daily have been reduced to 1100 hours and 1500 hours from 1200 hours and 1600 hours, respectively. Allied Bank Ltd., Habib Bank Ltd., KASB Bank, MCB Bank, National Bank of Pakistan and United Bank Ltd. are currently part of PRI mechanism while Bank Alfalah and JS Bank Ltd. are expected to join this mechanism later this week. During the last two months, six participating banks have settled around 100,000 inter-bank transactions worth Rs6.2b. This revision will facilitate beneficiaries in withdrawing amount from their respective branches in addition to 24-hour withdrawals through Automated Teller Machine (ATM) and POS (Point of Sale) on the same day. The detailed Circular is available at State Banks website www.sbp.org.pk