Business

SBP allows Exchange Companies to collect bills and install Banks’ ATMs

ISLAMABAD: The State Bank of Pakistan (SBP) has allowed exchange companies of category ‘A’ to enter into agreements with utility companies like WAPDA, KE, PTCL, SSGC etc. for collection of utility bills in Pakistan Rupee (PKR) on their behalf.

According to the press release issued by SBP, the decision has been made to enhance the scope of business of exchange companies.

A copy of the final agreement between a utility company and an exchange company shall be submitted by the exchange company to the Director, Exchange Policy Department, State Bank of Pakistan, Karachi for information, stated SBP.

Exchange companies are also allowed to install banks’ ATMs for PKR at their branches as per the terms and conditions agreed upon between the respective bank and the exchange company without getting prior approval of the State Bank of Pakistan.

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