KARACHI: The State Bank of Pakistan (SBP) has unveiled new format of the payment system reporting and directed the banks to report the details of all the transactions as per the new format.
The SBP, in a notification, directed commercial and microfinance banks to provide details of all the types of transactions made through any mode of payment on quarterly basis as per the new format.
The format requires details of 108 various instruments. Financial institutions were asked to start reporting from October 15, 2016 for the quarter-ended September 2016. “Any mis/late reporting and non-submission of the data may attract penal action under the relevant applicable laws,” the SBP warned.
The central bank directed the banks to provide status of plastic cards including active, inactive and cancelled. Likewise, the banks are required to provide details of cash transactions, cash withdrawal, transfer, intra-bank and inter-bank fund transfers, pay order, demand draft, bankers’ cheque, direct debit and other paper-based instruments. The banks are also bound to provide details of active cards, ATM-3rd Party and ATM card.
The SBP requires transactions when cash is deposited into a microfinance bank account through an automated teller machine, having cash deposit facility or cash deposit machine.
Regarding ATM transactions executed in Pakistan but settled outside Pakistan, the SBP said for any transaction executed by a foreign national, while using electronic infrastructure in Pakistan, the reporting should be done in Pak rupee.
For the clearance of payment transfers, the banks were advised to process transmitting, reconciling and, in some cases, confirming transfer order prior to a settlement.
