SBP allows banks to open dedicated Home Remittance Payment Centres

State Bank of Pakistan has allowed all banks to open dedicated Home Remittance Payment Centres with immediate effect. This decision was taken by SBP keeping in view rising trend in home remittances and their importance for the economy.

A SBP circular Saturday said for purpose of opening of dedicated Home Remittance Payment Centres, State Bank has decided to enhance scope of Permanent Booths as given in Para-22 (Chapter-2) of Branch Licensing Policy (BLP) which was revised in terms of BPRD Circular No.15 of 12th October, 2007.

Therefore, following sub-Para (iv) has been added to para-22 (Chapter 2) of BLP with immediate effect:

iv) Payment to Home Remittance beneficiaries via cash, demand draft and pay orders. In addition, such Home Remittance Payment Centers (permanent booths) would also be allowed to perform functions of Sales & Service Centers as mentioned in Para- 19 of the BLP.

All other instructions on Branch Licensing Policy shall remain unchanged, circular added.