Banks in Oman to provide easy way for salary transfers: CBO

SourceTimes of Oman
SectorFinancial Services
CountryOman

Muscat: The Central Bank of Oman obligated all the banks operating in the Sultanate to provide an easy and smooth mechanism for transferring salaries and to stop traditional methods. A statement issued online by Oman News Agency (ONA), said, "The Central Bank of Oman, in cooperation with the Ministries of Finance and Labour, announced that it will oblige banks operating in the Sultanate to provide an easy and smooth mechanism for transferring salaries and recurring payments through electronic banking services to all government and private agencies and to stop using traditional methods that do not meet safety and security standards."The Central Bank stated in a statement today that it has worked in cooperation with the relevant authorities to implement this initiative since 2019 and the deadline has been extended to multiple periods due to the coronavirus pandemic, indicating that it decided that on 28th of next February will be the deadline for not Banks receive any files for transferring salaries by traditional methods.The banknotes to all government and private agencies that banks will not receive any salary and recurring payment orders through traditional methods. All parties must cooperate with banks and adhere to the date set for the implementation of...read more...