Lahore: The State Bank of Pakistan (SBP) has allows commercial banks to use scanned images for cheque transactions to control the spread of the novel coronavirus in the country, a news source reported. As per the publication, commercial banks might allow this provision to their corporate and priority customers but with agreement with the customer under proper terms and conditions.
SBP stated that the banks could allow their customers to use the scanned images for cheque transactions along with relevant details of the beneficiary through emails and mobile apps to transfer funds from their accounts to the payee bank. It added that there should be a complete disclosure of the risks and liabilities while implementing this arrangement.
Under this provision, SBP has also requested the paying/drawee
banks to establish all necessary controls to determine the genuineness of the instrument
and identity of the payee. Upon verification, the paying/drawee bank may
transfer the funds to the beneficiary bank via MT 102 of the RTGS (PRISM). The
central bank has iterated that banks must provide additional risk-mitigating
measures to provide this service to the customers.
To further reduce infections of the novel coronavirus outbreak, SBP has allowed
banks to arrange with the Clearing House (NIFT) in order to clear cheques using
Image-Based Clearing (IBC). In this regard, they must follow the SOPs finalised
between the banks and NIFT. Additionally, banks have been directed to ensure all
the relevant laws, rules and regulations issued by it from time to time when
making such provisions.
To provide further ease during the COVID-19 pandemic, banks are allowed to provide direct cheque deposit facility but with all the necessary precautions. Under this arrangement, the payee/beneficiary may submit a crossed cheque directly into the paying/drawee bank instead of their respective bank branc
Furthermore, banks and MFBs may set up arrangements for
collecting cheques from their customers’ registered addresses upon request.
Customers may also drop the cheques in drop boxes of their banks installed at
select branches.
