In terms of the powers conferred upon State Bank of Pakistan (SBP) under Section 3 of the Payment Systems and Electronic Fund Transfers Act, 2007, SBP is issuing the ‘Guidelines for Clearing Operations’ in line with its Vision 2020 that stipulates to implement a robust Regulatory and Supervisory Framework for Payment Systems in Pakistan.

These Guidelines cover major areas like Roles and Responsibilities for Clearing House and its members, timelines to clear and settle various clearing batches, Compensation Policy for consumers, Dispute Resolution Mechanism and Centralized Clearing for banks having online branches etc.

These Guidelines shall become effective from 1st January, 2018. 

Please acknowledge receipt.

Encl: Guidelines for Clearing Operations