Circulars/Notifications - Banking Conduct & Consumer Protection Department  
  BC&CPD Circular Letter No. 01 of 2017
April 13, 2017 

The Presidents/Chief Executives,
All Banks

Dear Sirs/Madam,

Timeliness of Pension Payments through Direct Credit System

Please refer to BC & CPD Circular No. 01/2016 and Circular No. 03/2016 regarding “Validity of Pension Payment through Direct Credit System” and “Physical Verification for Direct Credit Mode of Pension Payments” wherein banks were advised to follow Standard Operating Procedures (SOPs) issued by Finance Division, Government of Pakistan. However, it has been noted that some banks are not following the instructions in letter and spirit. Henceforth, it has been decided that:

1. Banks shall use automated systems for crediting accounts of pensioners of other branches of the same bank.

2. Delay in crediting pensioners account shall render the banks liable to compensate the government with use of funds for the period of delay. The amount of compensation shall be determined using the rate equivalent to 1.5 times of the prevailing Reverse Repo Rate (ceiling) applicable on date of credit. The compensation shall be recovered by debiting the banks’ account with SBP BSC and crediting the Federal Government Account I (Non-Food).

3. The pensioners should be advised through notice boards/websites, etc. to lodge their complaints at BC & CPD helpdesk (cpd.helpdesk@sbp.org.pk) of SBP or at phone number (021) 111-727-273/(021) 32453555.

All banks are advised to ensure compliance of the above instructions in letter and spirit.

Please acknowledge receipt.


 

Yours truly,

Sd/-
(Muhammad Akmal)
Director

       
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