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Online fund transfers made free to limit bank visits

SAMAA | - Posted: Mar 19, 2020 | Last Updated: 3 weeks ago
SAMAA |
Posted: Mar 19, 2020 | Last Updated: 3 weeks ago
SBP asks banks to waive charges to contain coronavirus spread

To contain the spread of the coronavirus, the State Bank of Pakistan has asked banks to waive charges on any online fund transfers.

The SBP has instructed banks to take specific measures to provide their services seamlessly taking care of reducing the risk exposure amid the coronavirus.

The objective of these measures is to reduce the need for visiting bank branches or ATMs and to promote the use of digital payment services internet banking and mobile phone banking, the SBP said.

SBP has instructed banks to waive all charges on fund transfers through online banking channels such as inter-bank fund transfer and SBP’s Real Time Gross Settlement System.

So you can transfer money through your mobile or internet banking account without incurring any cost. They will also not incur any cost in case of using ATMs or visiting bank branches to transfer large amounts and can avoid the use of cash.

The financial industry has been instructed to immediately facilitate education fee and loan repayments through internet banking or mobile devices too.

Institutions have been told to run awareness campaigns through different channels to educate customers on the use of internet banking or mobile phones, limit use of currency notes and restrict branch visits.

Anticipating any frauds in the wake of digital transactions, SBP has advised the financial industry to increase vigilance on digital channels and increase monitoring on cyber threats.
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