State Bank of Pakistan reinstates Saturday holidays for banks

The State Bank of Pakistan (SBP) announced on Friday it was reverting to a five-day workweek by reinstating Saturday as a holiday for banks, less than a month after the federal government increased working hours for banks and government offices.

On April 13, the central bank had announced it was increasing the working hours of banks on the directives of the federal government by declaring Saturday - otherwise a holiday as a working day.

Today, however, the central bank announced the reversal of that decision by stating that banks across the country will remain closed on Saturdays.

As per the SBP, banks will remain open from 09:00-17:00pm, Monday to

Thursday, observing breaks from 13:30-14:15pm for prayers and lunch.

On Fridays, the banks will remain open from 09:00-18:00pm, observing a break from 13:30 to 14:30pm for lunch and prayers.

The Central Directorate of National Savings (CDNS) on Saturday attained the target of issuing Rs 955 billion fresh bonds in the last 10 months of current fiscal year 2021-22 from July 1st to May 5th.

The CDNS has set an annual gross receipt target of Rs 980 billion from July 1 to June 30 of the previous fiscal year 2020-21 to promote savings in the country, the senior official of CDNS told APP here.

The senior official said the CDNS had set Rs 250 billion annual collection target from July 1 to June 30 for the year 2020-21 as compared to Rs 352 billion for the previous year (2019-20) same time span to enhance savings in the country.

The CDNS had set Rs 352 billion annual collection target for the year 2019-20 as compared to Rs 350 billion for the previous year (2018-19), he said.

Replying to a question, he said the CDNS has decided to start Islamic finance and will start implementing its procedural work from next month to provide the facility of Islamic finance in the institution.

In this regard, under Islamic Sharia Compliance, Prize Bonds and Savings Certificates will be issued for investment in accordance with Sharia Principles, he said.

The CDNS will provide Islamic investment opportunities to its consumers in an institution like the rest of the private and public sector banking, where Islamic sharia business has now reached 20 percent.

Replying to another question, the senior official said that (CDNS) has started working to increase new investment opportunities and promote digital investment through many new projects.

The CDNS in collaboration with State Bank of Pakistan is developing digital Prize Bonds, which will be available through online electronic channels, he said.

He said the CDNS is in process of launching its first Mobile App for online purchase and encashment of National Savings Schemes.

The official said that for better and efficient transfer of funds electronically, the CDNS is going to adopt RAAST in the current month of January for speedy flow of funds through its financial tributaries, he said.