SBP decides to utilise network of 9,000 branches

The State Bank of Pakistan (SBP) has decided to fully utilise the large network of over 9,000 branches of commercial banks for distribution of fresh currency notes of all denominations to the general public during the Holy month of Ramazan.

For this purpose, SBP Banking Services Corporation (SBP BSC) has made elaborate arrangements for the supply of adequate quantity of fresh currency notes particularly of small denominations (Rs 10 to Rs 100) to commercial banks depending upon their branch network.

The branches of commercial banks will issue only one packet each of Rs 10 and Rs 20 denomination fresh currency notes per person to the visiting general public and account holders from 18th August, 2011 till the last working day before Eid-ul-Fitr, 2011 (or until the stock ends), on presentation of original Computerized National Identity Card (CNIC) along-with a photo copy of it for record. Banks’ branches, however, may also issue a maximum of five packets each of Rs 10 and Rs 20 denomination fresh currency notes to their corporate clients on receipt of request on the company’s letter head duly signed by the authorized representative.

From: Daily Times