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Monday April 22, 2024

SBP directs banks to observe extended hours

Central bank says all branches of banks shall observe extended banking hours until 4pm and 6pm on March 30 and 31

By Business Desk
March 29, 2023
An undated image of the State Bank of Pakistan (SBP) building. — AFP
An undated image of the State Bank of Pakistan (SBP) building. — AFP

In order to facilitate the taxpayers in payment of government duties/taxes, the State Bank of Pakistan (SBP) on Wednesday — at the request of the Federal Board of Revenue (FBR) — directed all branches of banks to observe extended banking hours on March 30 and 31.

The central bank, in a statement issued in this regard, said that the direction is for all branches of banks including the National Bank of Pakistan (NBP) and field offices of SBP Banking Services Corporation (SBP-BSC).

“[…] all branches of banks including National Bank of Pakistan (NBP) and field offices of SBP Banking Services Corporation (SBP-BSC) shall observe extended banking hours until 04:00 P.M. and 06:00 P.M. on 30th and 31st March 2023 respectively for collection of government taxes through ADC’s Over-the-Counter (OTC) facility,” the statement read.

It mentioned that National Institutional Facilitation Technologies (NIFT) shall arrange a special clearing at 6pm on March 31 (Friday) for the same-day clearing of payment instruments deposited at NBP’s authorised branches for customs collections.

“For this purpose, all banks shall arrange to keep their clearing-related branches open till such time that is necessary to facilitate the special clearing by NIFT on March 31, 2023 (Friday),” it read.

It should be noted that during Ramadan, banks observe reduced hours. Currently, the timings are:

Public dealing timings:

  • Monday to Thursday — 9am to 2pm (without break)
  • Friday — 8:30am to 1pm (without break)

Office timings:

  • Monday to Thursday — 9am to 3:30pm (with prayer break from 2pm to 2:30pm)
  • Friday — 8:30am to 1pm (without break)