NBP launches new schemes

Posted: September 24, 2011 in NBP News

NBP launches new schemes
September 23, 2011
RECORDER REPORT
National Bank of Pakistan launched its new schemes of NBP Xpress Cash and Xpress Money Transfer for attracting remittances of the expatriate Pakistanis belonging to Khyber-Pakhtunkhwa. Under the scheme an amount up to Rs 0.5 million could be remitted through the network of 1,260 branches of the Bank either having account in NBP or not.The schemes were launched in a press briefing here at Regional Office NBP on Thursday. Khalid Bin Shaheen, Senior Executive, Vice-President and Chairman NBP Exchange Company launched the schemes. Regional heads and senior officials of the Bank and others were also present at the occasion. Under the Xpress Money Transfer an account holder will directly transfer his amount through any bank.The Bank in this regard has signed an agreement with the National Commercial Bank of Saudi Arabia and all branches of the Saudi Bank are tied up to enable Pakistani to send their remittances, which could be en-cashed through any NBP branch in the country.There are 1.5 million to 2 million expatriate Pakistanis in Saudi Arabia sending a huge amount of foreign exchange to Pakistan. Out of the total volume of 13 billion dollars, two billion remitted through the National Bank of Pakistan.NBP has only branch in Saudi Arabia that is in Riyadh, which is providing the service. Similar agreements have also been signed with Raji Bank, Bank Al-Bilad and Samba Bank. The service is totally free of charge either in Saudi Arabia or in Pakistan. The NBP official said that promotion of the remittances is a national cause and also called as second life-line of the economy. The balance of trade could be established through it.The Bank has also established special call centre, which could be contacted in case of any complaint relating to the service. Any kind of complaint could be registered on telephone number 021-111-627-627. Khalid Bin Shaheen said that the Bank is moving towards improvement in all kinds of services on war-footing. He said that 500 branches have been made online and the remaining branches would be going online by the end of December this year

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