KARACHI: The banks will remain close for public dealing on July 01, 2019, which will be observed as bank holiday on Monday.
A notification issued on Thursday the SBP said that it will remain closed for public dealings on July 1, 2019 (Monday) which will be observed as Bank Holiday.
All banks / Development Financial Institutions/ Microfinance Banks (MFBs) shall, therefore, remain closed for public dealings on the aforesaid date.
However, all employees of the banks / DFIs / MFBs will attend the office as usual, the SBP said.
The central bank usually announces a bank holiday at the start of every fiscal year to facilitate annual closing of accounts and completion of administrative work by financial institutions. During the bank holiday, customers are unable to conduct over-the-counter transactions, including cash deposits, withdrawals and cheque clearances.
However, digital banking services such as online banking, ATMs and mobile banking applications generally remain operational for public convenience. Financial experts said the closure allows banks to reconcile financial statements and prepare records for the new fiscal year. Normal banking operations and public dealings at all commercial banks, development finance institutions and microfinance banks across the country were scheduled to resume from Tuesday, July 2, 2019.
Customers were advised to complete urgent transactions before the holiday to avoid inconvenience in payments, fund transfers and cheque processing.
