Please
refer to BPRD Circular No.15 dated October 12, 2007 whereby
revised Branch Licensing Policy was circulated.
2.
In order to enhance outreach of financial services to
the underserved areas by Microfinance Banks (MFBs) and
provide them an enabling environment for resorting to
cost effective means of deposit mobilization, it has been
decided to enhance the scope of permanent booths as given
in para-59 of Chapter-9 of the above referred policy.
Therefore, para-59 of the existing Branch Licensing Policy
has been replaced with the following with immediate effect:-
Permanent
Booths
59. MFBs may be granted license to open permanent booth(s)
for deposit taking/withdrawal, issuance of DD/TT/ MT/
Pay Order etc, receiving of utility bills, disbursement
& recovery of micro loans. MFBs will be required to
apply to SBP for opening of permanent booths approved
under ABEP on the prescribed format (Annexure- M-II).
However, account opening & issuance of account number
and other formalities including Know Your Customer (KYC)
and Customer Due Diligence (CDD) shall be performed by
the controlling branch (not by the permanent booth).
