Same-day cheque clearing service: SBP removes restrictions on minimum distance, amount

KARACHI: After the implementation of Image Based Cheque Clearing across Pakistan, State Bank of Pakistan (SBP) through its letter dated 24th August 2022, has removed the restrictions of minimum distance as well as minimum amount for same-day cheque clearing.

Previously, the same-day cheque clearing service was available only for the cheques more than Rs 100,000 and the distance within 5 kilometres of NIFT / SBP Offices so that cheques may be timely processed and cleared within 4-5 hours. Now, banks branches can submit outward clearing cheque of any amount in same-day cheque clearing cycle.

Under the guidance of SBP, M/S National Institutional Facilitation Technologies (NIFT) has successfully launched its first same-day cheque clearing sub-centre (booth) in North Nazimabad, Karachi from mid-September 2022.

NIFT new sub-centre is serving the citizens of Karachi living in North Nazimabad and North Karachi and its adjacent areas like Nazimabad, Shadman Town, Buffer Zone, Surjani, North Karachi Industrial Area and F.B. Area. More than 100+ banks-branches of these areas are now members of same-day cheque clearing.

A cheque of any amount collected in these areas’ banks branches till 10:45 am, are processed from the NIFT sub-centre through Image Based Clearing System and the confirmation of fate to presenting banks-branches is provided latest by 3:30 pm.

NIFT is planning to open more cheque clearing sub-centres (booths) in other parts of the city and subsequently in other cities to enhance outreach and facilitate the banking customers by processing their cheques within 4-5 hours of clearing window with no minimum amount limit.

Banks-branches shall have the opportunity to serve their valued customers well by providing them the same-day cheque clearing service.