20000210

Banks asked to

speed up remittances

procedure

KARACHI: Chief Executive General Pervez Musharraf has asked the banks to expedite delivery of home remittances and improve procedure for payment of utility bills by the general public.

Addressing the heads of all banks and financial institutions Wednesday at State Bank of Pakistan (SBP) head office here, he said during his visit to the Middle Eastern countries he was told that Pakistani banks take a lot of time to deliver the money to their families in Pakistan.

Referring to the "hundi" (non-formal banking) service, he said patriotic Pakistanis are willing to send their remittances through official channels if bank service was quick and efficient.

He hoped the banks will take steps to lead to a speedy delivery of remittances.

"Every single dollar you bring in as home remittances means that we do not have to borrow that dollar from external sources and go deeper into debt," he said.

He said Pakistan has no exportable surplus and would continue to face difficulties in managing external obligations with honour and dignity.

About the payment of utility bills by the general public, General Musharraf said that he had raised the issue with the finance minister and the SBP governor as well.

"People have to stand in long queues, spend several hours of the day, and take leave from their work and still face very rude and impolite behavior from banks' staff," he pointed out.

He said the number of bank branches accepting the utility bill payments are very small and in some cases people have to travel long distances to pay these bills.

"We should find sensible and easy ways of catering to the need of the public in paying their utility bills," he said and asked the banks to pay particular attention to finding a solution to these problems.

He said the overall service quality of the banking system has to improve through better systems, automation and focus on customer needs including both corporate and consumer whether they are small, medium or large.

General Musharraf asked the banking community to extend its full cooperation by stepping up its efforts in attracting new investment into the country.

Referring to the economy of the country, he said the successful loan recovery effort, the completion of Paris and London Clubs' rescheduling, the rise in the stock market, controlled inflation, increased agricultural and industrial production and export growth are all indicators in the right direction.

Earlier, SBP Governor Dr Ishrat Husain presented a welcome address. Finance Minister Shaukat Aziz, Corps Commander Lt Gen Muzaffar Hussain Usmani were also present.ÑAPP