KARACHI

The State Bank of Pakistan (SBP) will utilise the large branch network of commercial banks all over the country and the sixteen field offices of SBP Banking Services Corporation (Bank) for distribution of fresh currency notes to the general public to meet their needs for Eid-ul-Fitr celebrations. The currency notes will be issued as per following schedule:

SBP BSC field offices will start issuance of fresh notes with effect from 25th June 2015 through their counters till the last working day before Eid-ul-Fitr.

Issuance of fresh notes as per quota to general public through 150 branches of commercial banks designated as “Select Branch” in major cities as express centres for issuance of fresh notes under the supervision of the officials of SBP BSC. In addition to this special quota for fresh notes has also been issued to all commercial banks for provision of fresh notes to their regular clients. The branches of commercial banks/MFBs will start issuing fresh currency notes with effect from 2nd July, 2015 to the visiting general public and its account holders/ corporate clients.

Under these arrangements one packet each of Rs 10, Rs 20 and Rs. 50 will be issued to each member of general public while, fresh notes of Rs. 100 will be issued as per stock availability. For obtaining fresh currency notes, the general public would be required to show their original Computerized National Identity Card/ Smart Card at bank’s counter and each member of public will be entertained once.

Guidelines on ‘Asaan

Accounts’ issued

State Bank of Pakistan has been supporting development of an inclusive financial system in the country by creating enabling environment for financial services to all sectors of the economy. In this regard, SBP has issued guidelines on low risk accounts namely Asaan Account with simplified due diligence. These accounts shall be opened with minimum of Rs 100 as initial deposit with no minimum balance requirement.

It may be mentioned here that one of the major policy objectives of SBP has remained to enhance outreach of financial services across Pakistan by expanding branch network, setting up special purpose institutions, Islamic banking institutions, microfinance banks, branchless banking service etc.

Only individuals can open the Asaan Account with a simple and one page account opening form (paper based/ electronic form) in Pak Rupee.

These accounts shall preferably be Card Based with option of Cheque books. SMS/ Internet/ Mobile Banking and other ADCs are optional. Bank may offer these accounts as Current, Saving or Remunerative. Basic customer information e.g. Name, Father/ Spouse Name, DOB, Place of Birth, Mother’s Maiden Name etc. will be required. Valid identity documents for account opening shall include CNIC, SNIC, NICOP, POC, ARC, Passport, Pension Book

These accounts may also be opened by bank’s permanent employee/ staff by visiting places of customers besides bank branches. Limit of transactions are as under:

Total Debit Per Month Rs. 500,000, Total Credit Balance Limit Rs.500,000.

Extending the outreach of financial services in a cost effective manner has been possible through the innovative channels, models and the enabling policy framework. To achieve the targets set out in National Financial Inclusion Strategy, banks are required by SBP to develop quarterly and yearly plans to open Asaan Accounts. The SBP would regularly monitor the progress of Asaan Accounts.