CHI - A total of 259,611 transactions amounting to Rs 16.27 billion were settled during the last five months (November 2009 to March 2010) under the Pakistan Remittance Initiative (PRI) payment system mechanism introduced late last year to boost the inflow of home remittance transactions in Pakistan.
According to data released by the State Bank on Tuesday, the highest number of transactions was recorded in the month of November 2009 on the eve of Eid-ul-Azha, wherein a total of 56,673 transactions amounting to Rs 3.55b were settled.
The volume and value of inward home remittance transactions through PRI in the month of March 2010 were recorded at 55, 826 and Rs 3.449 billion, respectively showing an increase of 19.98 percent in numbers and 21.04 percent in value when compared with month-on-month basis.
National Bank of Pakistan has remained the biggest beneficiary bank since the inception of this mechanism by processing 32pc of total inward home remittances, followed by United Bank Limited with 27pc, Allied Bank of Pakistan Limited (18pc) and Habib Bank Limited (12pc).
It may be mentioned here that in order to encourage overseas Pakistanis for using banking channels and to provide same day delivery (within 24 hours) of home remittances to beneficiary accounts and protect the remitter and beneficiary from any loss or harm; an efficient and effective payment systems architecture was introduced by Payment Systems Department of State Bank of Pakistan in coordination with PRI team in November, 2009.
The initiative was initially joined by big five banks (ABL, HBL, MCB Bank, National Bank of Pakistan, United Bank Limited) and later four other banks (KASB Bank, JS Bank, Bank Alfalah and Dubai Islamic Bank) also became part of it. Bank AL-Habib and Standard Chartered are likely to join the initiative during the current month.