Micro-finance banks allowed setting up permanent booths

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Micro-finance banks allowed setting up permanent booths

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27 November,2009 12:37 pm

State Bank of Pakistan (SBP) to expand the role of financial services has allowed the micro-finance banks to accept deposits on permanent booths and provide related services. According to the SBP circular, the central bank has allowed micro-finance banks to establish permanent booths to accept deposits, DD, TT, MT, and issue pay orders, utility bills and small loans. However, micro-finance banks have to ask the SBP to avail these services. In this regard, account opening and other operations would have to be completed in the controlling branch instead of booths.