SBP allows banks to open dedicated home remittance centres

KARACHI: State Bank of Pakistan has allowed all the banks to open dedicated Home Remittance Payment Centres with immediate effect. This decision has been taken by the State Bank keeping in view the rising trend in the home remittances and their importance for the economy. SBP circular issued on Saturday said that for opening of dedicated Home Remittance Payment Centres, State Bank has decided to enhance the scope of Permanent Booths as given in Para-22 (Chapter-2) of the Branch Licensing Policy (BLP) which was revised in terms of BPRD Circular No.15 of 12th October, 2007.Therefore, the 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 the functions of Sales and Service Centers as mentioned in Para- 19 of the BLP.All other instructions on the Branch Licensing Policy shall remain unchanged, the Circular added – App