Breaking: State Bank of Pakistan has noticed confusing gossips dispersal in social media regarding clearing operations of Summit Bank Ltd. It is clarified by NIFT (National Institutional Facilitation Technologies), which runs clearing services for banks; company has not stopped its partnership or its services in any way for the Summit bank.
It is pertinent to mention that these buzzes stopped from the notice of NCCPL (National Clearing Company of Pakistan Ltd.) regarding the bank’s status as a settlement bank to provide clearing services to stock brokers. Such a settlement bank only processes payments and receipts of funds on behalf of its broker clients with NCCPL for their sale/ purchase transactions in stock exchange.
Further, these operations do not have any bearing on the other regular operations, such as deposit taking and withdrawal, of Summit Bank Ltd. The Bank is discharging its responsibilities towards its depositors and other stakeholders in a satisfactory manner and it’s clearing and settlement function is working smoothly.