SBP directs banks to ensure payment of prize bonds

SBP directs banks to ensure payment of prize bonds

KARACHI: State Bank of Pakistan (SBP) on Monday directed commercial banks to ensure payment of prize bonds i.e. prize money and face value.

The SBP said that it had observed that commercial banks have not been extending the desired level of support to their customers in availing the facility on payment of prize money and face value of National Prize Bonds through their bank branches.

In view of the above, all authorized commercial banks are advised to ensure compliance to the following instructions:

i. The head office / regional offices of each commercial bank shall reiterate the instructions referred at para. 1 above and advise all the designated branches to extend maximum support to their customers in this regard.

ii. Efforts shall be made to increase the number of designated branches for the subject facility so as to enhance the outreach and ensure adequate geographic coverage.

iii. The information about availability of this facility shall be prominently displayed on the banks’ official website as also in the premises of the designated branches for information of the general public.

iv. Customer service officials shall facilitate / brief customers on the availability of this facility in their respective branches.