KARACHI: The State Bank of Pakistan (SBP) has asked all commercial banks for opening of special fund account titled “Ehsaas: Koye Bhooka Na Soye (EKBNS) Fund 2021” for collection of donations and contributions. The Finance Division, Government of Pakistan (GoP), has notified establishment of the subject Fund under the Prime Minister’s Ehsaas Koye Bhooka Na Soye initiative, to eliminate hunger in the country by providing meals to the people in need, especially those at risk of, or experiencing hunger.
In this regard, the State Bank of Pakistan (SBP) has announced the opening of “Ehsaas: Koye Bhooka Na Soye (EKBNS) Fund Account-2021,” for raising funds through donations/contributions from general public to support the above initiative.
Accordingly, the SBP has all the commercial banks and field office of SBP Banking Services Corporation will open the account of the Fund and will receive donations or contributions in cash, through cheques, and through Alternate Delivery Channels (ADCs), at all their branches across the country. Donors will be provided multiple options for making donation/contribution to the Fund.
As per SBP directives, all commercial banks in Pakistan and field offices of SBP Banking Services Corporation will collect donations at their counters across their branch network in Pakistan. The donors may deposit their donations at any branch of the above banks. The daily donation/contribution collected by the commercial shall be settled on aggregate basis with the SBP, through Pakistan Real-time Settlement System (PRISM) via MT-103.
Due to COVID-19 pandemic situation, SBP has asked banks to also collect donation in shape of crossed cheques drop box facility. As per directives, banks will also make available at their branches, the drop box facility enabling the donors to drop crossed cheques in the name of the fund. The banks will, accordingly debit the customer’s account and transfer the proceeds to the Fund’s account at SBP through PRISM.
The SBP has advised banks to ensure that the drop box facility is fully operational and prominent notices or banners are placed in all such branches that the donors can drop the crossed cheques in the name of the Fund.
The banks will allow their respective customers to make donations/contributions through internet banking, Automatic Teller Machines (ATM) and other Alternate Delivery Channels (ADC). For the purpose, commercial banks shall prominently display the IBAN of the Fund at their websites and ATMs screens and send the same to their clients through SMS alerts. The amount collected through ADCs shall be settled with SBP through PRISM on aggregate basis, once in a day.
The banks will keep the detail files of settlement of donations collected through mechanism specified with name of donor and amount of his/her donation/contribution) in their record for subsequent verification and reference.
Copyright Business Recorder, 2021