Service charges for the banks for the deposit of re-issuable balances have been suspended by the State Bank of Pakistan (SBP). This step has been taken to facilitate banks in handling excess liquidity.
Due to the large volumes of withdrawals on the Eid eve and amidst the COVID-19 pandemic, the decision has been taken to extend the temporary suspension of 0.12% service charges on deposit of re-issuable balances with SBP BSC offices or NBP chests branches.
Until 30th June 2021, banks are permitted to deposit ‘re-issuable balances with SBP BSC offices or NBP chests without levy of 0.12% service charges on deposit of re-issuable balances’.
Different measures have been taken by the State Bank to fight the novel coronavirus impact on the economy of the country. In the current scenario, these measures have been taken not just to ease customers but also to enhance bank performance.
Also read: SBP Permits Banks to Use Quarantined Cash
In another article, we informed our readers that due to various reasons, the Refinance Scheme for Small Businesses by the State Bank of Pakistan has failed to formulate. The reason for this is that commercial banks are not completely equipped to provide credit lines to Small and Medium Enterprises (SMEs).