KARACHI: The State Bank of Pakistan (SBP) has ordered all banks to set up specialized cash processing centers (CPCs) with cutting-edge cash-processing equipment and storage facilities to issue machine-authenticated and sorted currency. The banks can make arrangements with other banks or CPCs to get their cash processed, or they can have the necessary cash processing facilities alternatively at their cash-feeding branches. The State Bank of Pakistan has released detailed guidelines for modernizing banks’ cash management functions. The guidelines are a component of a plan to move the cash management process from a manual to an automated setting while also enhancing the standard of in-use banknotes.
All commercial banks have until January 2, 2017, to only dispense cash to their customers and the general public from their branches and ATMs that have been machine validated and sorted. The SBP Banking Services Corporation (SBP-BSC) window will only be used as a last resort to provide cash to the banks in case of shortages and to absorb access cash in case of surpluses in the market. As of January 2, 2017, banks will be able to exchange cash directly from other banks under this new interbank exchange and trading mechanism. The current option for banks to deposit re-issuable banknotes with the offices of SBP-BSC would be eliminated with the implementation of this mechanism.
In all the above scenarios House of Business Machines Provide Quality Machines to their clients either in the middle east or in Pakistan.