KARACHI: The State Bank of Pakistan (SBP) issued guidelines for banks and microfinance banks on Thursday for clearing operations to help the general public quickly realise funds in their accounts.

The SBP asked banks and microfinance banks involved in the clearing of rupee payment instruments to facilitate accountholders. New guidelines will be effective from Jan 1, 2018.

Banks and microfinance banks have been advised to credit customers’ accounts within the timeline defined in the guidelines. In case they fail to do so, they will be obliged to compensate customers for the delayed period.

Banks and microfinance banks have also been advised to make arrangements for the centralised clearing of their intercity instruments through designated branches in cities where they are present to reduce the clearing time due to the physical movement of instruments.

Published in Dawn, September 22nd, 2017