KARACHI: The National Bank of Pakistan (NBP) has been declared the number one bank for settlement of home remittances under Pakistan Remittance Initiative (PRI) payment mechanism, said a statement issued by the bank on Wednesday.
The bank has 32 per cent share in the entire set up, which comprises nine commercial banks, including the top five Pakistani banks.
In its recently released data, SBP/PRI acknowledged the key role played by the National Bank in delivering home remittances to beneficiaries across the country and providing full support to the initiatives of the government and SBP/PRI, the statement said.
The central bank had introduced Pakistan Remittance Initiative payment mechanism for the settlement of inter-bank home remittance transactions through real time gross settlement (RTGS) system.
“The National Bank management took the initiative as a challenge and with the strong efforts and commitment of its team, it became the first bank to finalise the preliminary arrangements for real time gross settlement system and lead the entire banking sector from the front,” it said.
“Since then, the National Bank is acting as the central pillar supporting the entire system by processing over 32 per cent of the total transactions settled under the Pakistan Remittance Initiative payment mechanism,” the statement added.
Source The News
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