KARACHI: The State Bank of Pakistan (SBP) has directed all commercial banks to extend their banking hours till 8:00 p.m. on Wednesday (September 30) to facilitate the collection of government taxes through their Over-the-Counter facility.

The branches of all commercial banks would be receiving government duties and taxes for additional hours to their normal timing of 5:00 p.m., said release here on Tuesday.

National Institutional Facilitation Technology (NIFT) will arrange a special clearing at 5:00 p.m. on this date to ensure the same day clearing and settlement of payment instruments.

NIFT is a joint venture between a consortium of six major banks and the private sector. It is responsible for the establishment and management of automated clearing house facilities in the country.