SBP mandates same-day premium prize bonds’ sale transactions settlement
The State Bank of Pakistan (SBP) on Thursday directed banks to settle all Premium Prize Bond (PPB) sale transactions with the SBP Banking Services Corporation (BSC) on the same day, warning that any delay would make them liable to pay charges for the use of funds during the period of delay. The SBP has amended Standard Operating Procedures (SOPs) for issuance of Premium Prize Bonds (PPBs) through commercial banks and, after reviewing the prevailing mechanism for reporting PPB sale transactions.