The State Bank of Pakistan (SBP) has announced that all banks and financial institutions across the country will remain closed on July 1 due to a bank holiday.
According to the central bank, July 1 will be observed as a bank holiday. All banks will remain closed for public dealings and transactions on Wednesday.
The holiday will also apply to development finance institutions and microfinance banks.
However, bank employees will report to work as usual, according to the official notification. Additionally, all public banking services and customer transactions will remain suspended for the day.
SBP extends banking hours until June 30
In a separate announcement before this, the SBP directed commercial banks to keep selected branches open for extended hours until June 30. The branches will remain open to help taxpayers pay government duties and taxes before the end of the fiscal year.
The decision was made after a request from the Federal Board of Revenue (FBR). The SBP instructed commercial banks and National Bank of Pakistan (NBP) branches handling customs collections to provide extra banking hours for both over the counter and digital payments.
Branches that normally operate on Saturdays remained open from 9 AM to 5 PM on June 27. On June 29, selected branches are expected to stay open until 8 PM, while on June 30, they are expected to run operations until 10 PM.
NBP branches that will collect customs duties will remain open even longer on June 30 to serve the customers until 11:59 PM to process payments before the deadline.
Digital banking services
Banks have also been asked to keep branches open after the announced timings, if necessary, to complete the clearing of government transactions through the National Institutional Facilitation Technologies (NIFT).
In addition to this, banks have been directed to make sure that internet banking, mobile banking apps, ATMs and other digital payment services remain fully working.
The move is expected to help taxpayers pay government duties and taxes without interruption, whether through a bank branch or online.
