The Commercial banks are advised by the State Bank of Pakistan to make arrangements for online transfers are large amounts in an efficient manner. Banks are instructed to use Pakistan Real-Time Interbank Settlement Mechanism (PRISM) in an effective way and take all necessary measures and arrangements for ensuring availability of the said facility across their branches from 9:00 a.m. to 3:00 p.m. on all working days.
General public should be made aware regarding the facility and its usage through print media. In order to facilitate general public SBP has already issued circulars in 2011 and 2012 for allowing the third party fund transfers through RTGS / PRISM.
The State Bank also observed that despite of considerable time, PRISM facility is under-utilized among general public due to lack of awareness and non-cooperation of branch staff and non-implementation of Straight through processing (STP) link between PRISM and banks’ core banking systems.
State Bank advised banks to print the information & procedure in an easy to understand manner and accessible medium like advertisements in newspapers and sign boards. The Central Bank also emphasized on participants of Pakistan Real-Time Interbank Settlement Mechanism to comply with all the directives and regulations issued by SBP from time to time.