The State Bank of Pakistan (SBP) has successfully facilitated three million customers in obtaining fresh currency notes for Eid-ul-Fitr through its e-branches of commercial banks, according to a statement released on Wednesday.
The central bank reported that the SMS service, initiated by SBP for the issuance of fresh currency notes for Eid-ul-Fitr 2019, garnered an overwhelming response from the public. The SBP expressed appreciation for the keen interest demonstrated by the general public in utilizing the 8877 SMS service to obtain new notes for the upcoming festive season.
This year, the service was launched on May 19, 2019, and it covered 1718 designated ‘e-branches’ in 142 cities, a significant increase from the 1535 branches in 132 cities last year. To cater to a larger audience, the total booking limit was raised to 3 million customers, compared to the 2.7 million limit set in the previous year.
Despite the increased capacity, the system faced constraints due to the daily limitations imposed by the number of customers that e-branches could accommodate. Consequently, new bookings have been closed, as the service has surpassed its optimal limit of 3 million customers. However, the issuance of fresh currency notes against the already issued booking codes will persist until the last day of the service, which is May 31, 2019, contingent upon the transaction code’s validity.
The SBP emphasized that, besides the SMS service, banks will continue to provide fresh currency notes to their customers through their branches and ATMs. The central bank assured that an ample quantity of currency notes is being supplied to banks to meet the demand during the festive season.
The success of this initiative highlights the increasing reliance on digital channels for banking services and the willingness of the public to adopt technology for their financial transactions. The SBP’s effort to streamline the process of acquiring fresh currency notes for Eid-ul-Fitr has not only facilitated millions of customers but also showcases the potential for technology-driven solutions in the financial sector.
In conclusion, the State Bank of Pakistan’s innovative approach to providing fresh currency notes through e-branches and the SMS service has proven to be a success, serving the needs of three million customers during the festive season. As technology continues to reshape the financial landscape, such initiatives demonstrate the adaptability of the banking sector in catering to the evolving preferences of the public.
