Skip to main content

Banks to collect cheques from doorsteps

KARACHI: To combat the spread of Covid-19 pandemic by limiting personal interactions and to provide ease to customers, banks and micro finance banks (MFBs) have been allowed to provide Doorstep Cheque Collection Facility, a circular issued by the State Bank of Pakistan said on Saturday.

According to the circular, banks and MFBs may provide the service under which arrangements are being made to collect cheques from registered addresses of the customers upon their request.

The banks and MFBs can also offer Drop Box Cheque Collection Facility under which customers may drop their cheques in drop boxes of their banks, installed in selected branches.

The banks may provide Direct Cheque Deposit Facility under which a crossed cheque may be presented by the payee directly at the paying or drawing bank, instead of their bank branches as per the existing practice.

Before debiting their customer’s account the paying or drawee bank must take all necessary precautions, not limited to customer call-back or multifactor authentication systems, to verify the authenticity of the instrument and verification of their respective customer.

Similarly, before crediting the customer account, the beneficiary bank must ensure the authenticity of the customer’s credentials.

According to the circular, banks may allow their corporate/priority customers to send them the scanned images of the cheques along with relevant details of the beneficiaries either through registered emails or through mobile apps of their banks to push funds from their accounts to the payee bank.

However, such arrangements must be duly agreed with the customer under proper terms and conditions along with complete disclosure of risks and liabilities.

Published in Dawn, March 29th, 2020



from The Dawn News - Home https://ift.tt/3bBdlI6
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

IT ministry forms panel to review social media rules

ISLAMABAD: While uproar against the new rules to regulate social media continues from various segments of society, including parliamentarians, the Pakistan Federal Union of Journalists (PFUJ) and civil society, the information technology ministry on Friday formed a committee to review the rules. The federal cabinet approved the rules on Feb 11, but later after opposition from various quarters, including companies that manage different social media platforms, the prime minister announced that a fresh consultation process would be launched over the Citizens Protection (Against Online Harm) Rules 2020. The committee formed by the IT ministry is headed by Pakistan Telecommunication Authority Chairman Amir Azeem Bajwa while its members are Eazaz Aslam Dar, additional secretary of IT; Tania Aidrus, member of the Strategic Reforms Imple­mentation Unit, Prime Minister Office; and Dr Arslan Khalid, focal person on digital media at the PM Office. Federal Minister for Human Rights Dr Shireen Ma
Post a Comment
Read more

Young girl’s tragic story makes her symbol of Yemen war

Buthaina Mansur al-Rimi’s life has changed drastically since last year — orphaned in Sanaa, the little girl controversially ended up in Saudi Arabia for medical care and has just returned to Yemen’s capital. Her entire immediate family was wiped out in an air strike by a Saudi-led coalition that backs Yemen’s government, using an explosive device Amnesty International says was made in the US. Images of Buthaina’s rescue and a picture of her swollen and bruised at a hospital trying to force open one of her eyes with her fingers were beamed worldwide. That international fame saw her become something of a propaganda pawn in the war between Yemen’s Iran-backed Huthi rebels and Saudi media. “I was in my mother’s room with my father, sisters, brother and uncle, the first missile hit, and my father went to get us sugar to get over the shock, but then the second missile hit, and then the third,” she says. “And then the house fell,” adds the little girl, who says she is eight. It was the
Post a Comment
Read more