To finalize processes in centralized environment for Commercial, Islamic and Microfinance Banks’ accounts at SBP BSC’s Karachi Office, PBA coordinated various meetings in April, between the Heads of Operations & Treasury departments of member banks with SBP. The aim was to ensure a smooth transition of the process.
Guidelines for banks under the new centralized environment were shared with PBA by SBP BSC.
In November 2019, SBP had initiated the proposal to centralize banks’ accounts so that only one current account of each bank would be maintained at the Karachi office.
PBA had coordinated with banks at the time to get their input regarding the proposal, which was received favourably by PBA’s members and the process has now been completed.
