Central Bank Implements New Checkbook Allocation Framework for First-Time Users
In a move to modernize the national payment infrastructure and promote responsible financial practices, the Central Bank of Iran (CBI) has issued a new directive establishing a structured framework for the allocation of checkbooks to first-time applicants. The policy, which operates through the SAYAD system, introduces clear limits designed to streamline registration and verification processes while ensuring fiscal prudence.
Structured Allocation for Individual and Corporate Clients
The directive outlines specific quotas for new applicants. For individual customers in their first year, the policy permits the issuance of one physical checkbook, with a maximum of 10 leaves. Simultaneously, and without the prerequisite of utilizing 80% of their existing checks, these customers are eligible to receive 10 electronic check leaves, facilitating a transition towards digital finance solutions.
Corporate clients are subject to a similarly structured approach. In their first year, legal entities may receive one physical checkbook containing up to 25 leaves. They are also granted access to 25 electronic check leaves concurrently. The CBI has specified that the calculation of the “first year” will be based on the date of the initial checkbook issuance by the respective credit institution.
Objectives of Enhanced Oversight and Financial Inclusion
The implementation of these measures is framed within a broader strategy to improve the management of check allocation and to monitor customer usage patterns effectively. This structured approach aims to integrate new users into the formal banking system with guided oversight, fostering responsible financial behavior from the outset. The Central Bank has emphasized that the primary responsibility for risk assessment and evaluating the creditworthiness of applicants remains with the issuing banks, ensuring that institutions maintain their pivotal role in customer relations and financial vetting.
This policy reflects the ongoing development of Iran’s banking regulations, aiming to harmonize traditional financial instruments with evolving digital payment ecosystems under the umbrella of enhanced regulatory supervision.
