Banks to provide smooth services

All banks will remain open throughout Pakistan with minimum staff to ensure the continuity of essential banking services to masses during lockdowns.
In these difficult times the banking industry will provide socially responsible banking services and facilitate their clients in every possible way, the State Bank of Pakistan (SBP) said Monday.
In view of the emerging situation from coronavirus (COVID-19) pandemic, the State Bank is continuously engaged with the banking industry representatives to understand the issues and challenges and formulate a policy response accordingly.
In this regard, a high level meeting was convened by SBP Governor Dr Reza Baqir with presidents of all banks through video link to discuss measures for availability and continuity of financial services to clients in the wake of lockdowns and closures of cities by federal and provincial governments due to COVID-19 pandemic.
During the meeting all banks/DFIs/MFBs were advised to operate with critical staff to ensure uninterrupted financial services. In addition, banks were directed to make elaborative arrangements to provide uninterrupted financial services through Alternate Delivery Channels (ADCs) like ATMs, online banking, transactions.
It was also decided that fresh currency notes, issued by SBP for Eid-ul-Fitr, will be used for cash transactions and cash collected from hospitals need to be quarantined for 14 days as currency notes can be a big carrier of viruses.
Recognizing the need for issuance of fit, authenticated and disinfected cash by banks, detailed instructions have been provided by the SBP to ensure to clean, disinfect, seal and quarantine all cash being collected from hospitals and clinics and to block circulation of such cash in the market.
The banks will report daily collection of cash from hospitals to the SBP, which shall credit bank accounts for the amounts so quarantined by them. Further, arrangements are being made to provide sufficient fresh or disinfected cash to banks enabling them to issue fresh cash or the re-issuable cash that remained in quarantine for at least fifteen (15) days to their clients. Banks have been ensured that the SBP has sufficient quantity of such cash, and it would meet all demands for such cash.
According to a circular issued by SBP after the meeting, in order to bring clarity and smoothening of operational modalities, SBP has directed that all banks, DFIs and MFBs that all bank branches/ work places will remain open, throughout Pakistan with bare minimum staff for ensuring the continuity of essential banking services.
Under this arrangement, from March 24, 2020, branches/work places will open (from Monday to Friday) at 10:00 am and close at 4:30 pm till further instructions by SBP.
In case of identification of any COVID-19 case in branch/work premises or unforeseen event or untoward happening or any other emergency situation, branches/work places may be temporarily closed or relocated intimation to SBP.
Banks have been asked to ensure uninterrupted availability of all ATM services, digital and alternate delivery channels for facilitation of customers. Further, be vigilant and take measures to proactively mitigate cyber security risks associated with these channels.
RTGS and all call centers will remain functional. Moreover, to facilitate trade related businesses, Trade Hubs of banks in all major cities will remain operational though with bare minimum staff.
As per directives, critical staff of the financial institutions will carry their Original CNIC & Service Card at all times with them. However, if due to any reason, critical staff do not currently have their Original CNIC & Service Card with them, then to facilitate their movement to work places, a letter certifying their employment may be issued by their respective institutions. A similar arrangement may also be followed for those companies who provide cash collection and delivery services, the circular said.
The SBP has advised financial institutions that the guidelines issued by World Health Organization, the government of Pakistan and the Provincial Governments should be implemented, in letter and spirit, to ensure the safety and health of employees & customers and cleanliness at the workplace.
Banks have also asked to create awareness amongst the banks/DFIs/MFBs' staff and customers regarding COVID-19 and take precautionary measures such as enhanced usage of cash counting machines, encouraging customers to use Alternate Delivery Channels (ADCs) to reduce contact with currency notes and other financial instruments.
Financial institutions have been asked for Reassess Business Continuity Plans (BCPs) in the existing situation and develop suitable remedial plans, including allocation of human and other resources, for their effective implementation.
In order to implement the SBP instructions and take other necessary measures, they have been asked for a senior level committee to ensure that the banks/DFIs/MFBs' responses towards risks arising out of COVID-19 are robust and adequate.