SBP directs banks to open EKBNS Fund Account

SBP directs banks to open EKBNS Fund Account

KARACHI: State Bank of Pakistan (SBP) has issued instructions for opening accounts for raising funds through donations / contributions for Prime Minister’s Ehsaas Koye Bhooka Na Soye initiative.

The SBP said that the Finance Division, Government of Pakistan, had notified establishment of the subject Fund under the Prime Minister’s Ehsaas Koye Bhooka Na Soye initiative, to eliminate hunger in the country by providing meals to the people in need, especially those at risk of, or experiencing hunger.

In this regard, the State Bank of Pakistan (SBP) is pleased to announce opening of “Ehsaas: Koye Bhooka Na Soye (EKBNS) Fund Account-2021”, for raising funds through donations/contributions from general public to support the above initiative. All the commercial banks and field office of SBP Banking Services Corporation shall open the account of the Fund and shall receive donations/contributions in cash, through cheques, and through Alternate Delivery Channels (ADCs), at all their branches across the country.

Donors shall be provided multiple options for making donation/contribution to the Fund as described below:-

a. Counters of the banks

All commercial banks in Pakistan and field offices of SBP Banking Services Corporation shall collect donations at their counters across their branch network in Pakistan. The donors may deposit their donations at any branch of the above banks. The daily donation/contribution collected by the commercial shall be settled on aggregate basis with the SBP, through Pakistan Real-time Settlement System (PRISM) via MT-103.

b. Crossed Cheques Drop Box Facility

Due to COVID-19 pandemic situation, banks shall also make available at their branches, the drop box facility enabling the donors to drop crossed cheques in the name of the fund. The banks shall, accordingly debit the customer’s account and transfer the proceeds to the Fund’s account at SBP through PRISM. The banks are advised to ensure that the drop box facility is fully operational and prominent notices or banners are placed in all such branches that the donors can drop the crossed cheques in the name of the Fund.

c. Alternate Delivery Channels ( ADCs)

The banks shall allow their respective customers to make donations/contributions through internet banking, Automatic Teller Machines (ATM) and other Alternate Delivery Channels (ADC). For the purpose, commercial banks shall prominently display the IBAN of the Fund at their websites and ATMs screens and send the same to their clients through SMS alerts. The amount collected through ADCs shall be settled with SBP through PRISM on aggregate basis, once in a day.

The banks shall keep the detail files of settlement of donations collected through mechanism specified in a, b and c above (i.e. name of donor and amount of his/her donation/contribution) in their record for subsequent verification and reference.

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