Home Business Banks Unable To Meet The Demand For Fresh Currency Notes

Banks Unable To Meet The Demand For Fresh Currency Notes

SHARE

Eid, the day of festivity is approaching. The kids, that we all are, are eagerly waiting for Eidi and those fresh tempting notes. The demand for new, fresh notes has increased but the banks are not able to meet the demand. They have restricted to issue fresh notes, leaving people to deal with dealers who are selling notes at a much higher price.

In order to fulfill the demand of people, State Bank of Pakistan has ordered 122 e-branches to issue currency notes to citizens through SMS service in Karachi. 40 billion new currency notes would be issued till June 25th.   

Even though this step has been taken, the demand is quite high. Therefore people of Karachi are compelled to approach dealers from Boltan Market. The dealers are keeping their commission from 10 to 15% and selling new notes for Rs 10, Rs20 and Rs100. These rates are expected to increase as Eid approaches.

Also read: Eid package by Pakistan Railway, 33% reduction in fares 

Service by State Bank:

Send SMS to 8877 with 13 digit CNIC along with the preferred e-branch ID

Message in reply: Redemption code, e-branch address and Redemption code validity date

Offer time: June 12 till June 23, 2017

Many users get a disappointing message in reply which says

“Dear Customer, the branch has reached its booking limit, kindly select any other branch.”

The State Bank is not providing fresh currency notes from the branches and ATM’s either as was offered by them. The managers demand whether SMS is send to 8877 or not. Else they refuse to oblige to the demand of people.

The attitude of managers and bank administration is forcing the citizens to buy the notes.

On the other sides bankers are also under pressure, as they are receiving messages from their relatives and friends to issue them new currency notes. Troublemakers are aggravating the situation by circulating fake notes.

The situation should be dealt with caution. The administration of banks have no apparent fault in it, as they are doing what they are being told to do, but they need to be sensitive towards the sentiments of public.