The State Bank of Pakistan (SBP) responding to a suo motu action taken by the Supreme Court regarding utility bills collection has notified a set of instructions for the commercial banks collection bills.
In a circular issued here on Monday, the SBP has directed all the branches of the scheduled commercial banks to collect utility bills from the consumers in terms of BPRD Circular No 38 dated November 10, 1997 and subsequent instructions on the subject.
Banks may also appropriately inform the general public through press in this regard. For collection of utility bills, the banks may complete all necessary formalities with the utility companies and submit a compliance report to State Bank latest by July 31, 2006, the circular added.
The Supreme Court had opined that if all the scheduled banks, post offices, national saving centres and petrol pumps are allowed to collect utility bills, the burden on a particular bank for the deposit of utility bills would be reduced. Moreover, the SC directed all the banks authorised to collect the utility bills to provide facility of drinking water and sheds immediately in accordance with the municipal laws to the consumers who have to stand in queue during the hot season.
SBP would carry out surprise checks and any violation of SBP instructions in this regard would attract the penal provision under the Banking Companies Ordinance, 1962.-PR
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