KARACHI – All commercial banks have been directed to settle the Premium Prize Bonds (PPBs) sale transactions on the same day with the State Bank of Pakistan (SBP) Banking Services Corporation (BSC), according on a latest circular. The central bank has introduced a revised settlement mechanism for the issuance of Registered Premium Prize Bonds (PPBs) through commercial bank branches. The revised procedure requires commercial banks to report the Premium Prize Bond sale transactions through the prescribed system within the specified timelines. Based on the reported sales, SBP BSC Karachi will debit the respective bank’s account on a daily basis. The charges will be calculated at the SBP Overnight Reverse Repo (Ceiling) rate applicable on each day of the delay.