KARACHI: The State Bank of Pakistan (SBP) on Tuesday enhanced the security features of bank cheques in order to facilitate smooth transition of the industry, according to a circular.
All cheques will carry bank’s logo or name as a watermark, it said. However, the banks using printer’s logo or name as watermark may continue to do so till December 31, 2016, thereafter all banks regardless of their size will only issue cheques with their own logo, the circular said.
While the usage of bleed through technology on any other field of the cheque is optional for banks, it must be ensured that at least the magnetic ink character recognition (MICR) code line is printed using the bleed through technology preferably by using impact printing techniques. However, banks may use laser printing for the same, it said.
According to the circular, banks are required to formulate the standard operating procedures (SOPs) relating to requisition, procurement and transmission of security stationery with the approval of the board of directors.
It is clarified that if some banks get such policies approved from the senior management they may follow the same for the said SOPs, it added.
Source: The NEWS