KARACHI: State Bank of Pakistan (SBP) has decided to allow exchange companies of 'A' category to enter agreements with utility companies like WAPDA, KE, PTCL, SSGCL for collection of utility bills in Pakistan currency on their behalf. The Central Bank has taken the decision to enhance the scope of business of exchange companies, said SBP statement here on Wednesday.
A copy of the final agreement between a utility company and an exchange company shall be submitted by the exchange company to the Director, SBP's Exchange Policy Department, Karachi for information.
Exchange companies are also allowed to install banks' ATMs for Pakistan Rupees at their branches as per terms and conditions agreed upon between the respective bank and the exchange company without getting prior approval from State Bank of Pakistan.
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