Karachi: SBP allows banks to charge a minimal fee on transactions over Rs25,000
SBP has instructed banks and other service providers to charge a nominal fee on transactions exceeding Rs 25,000, whereas, the low-income segments of the population can use digital transactions free of cost.
As Covid 19 situation has improved, so SBP has revised funds transfer rates to deal with the situation. According to the SBP, the move was well-received by consumers and in the second quarter of FY21, internet and banking transactions more than doubled compared to the previous year. According to the central bank, in this context, the SBP has revised the current IBFT rate-setting procedure and made some changes to ensure that the bank and other financial institutions on a sustainable basis. Provide IBFT services free of charge. Banks, however, have been told that they may choose to set this aggregate limit at a higher amount as well. After every digital transaction, banks are required to send free of charge SMS to their customers on their registered mobile numbers intimating them about the transaction amount and the charges being recovered.
Compiled by : D Shahwar