SBP asks banks to waive all charges on online fund transfer

KARACHI: The State Bank of Pakistan (SBP) has asked banks to waive all charges on online fund transfers.

The central bank 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 use of Digital Payment Services such as internet banking and mobile phone banking.

The SBP instructed banks to waive all charges on fund transfers through online banking channels such as Inter Bank Fund Transfer (IBFT) and SBP’s Real Time Gross Settlement System for customers.

Also Read: 28 new COVID-19 cases emerge in Karachi, push Pakistan’s tally to 448

Thus, people can transfer money through mobile phones or internet banking avoiding the need to visit a bank branch or an ATM without incurring any cost. They will also not incur any cost in case of using ATMs or visiting bank branches for transferring large amounts and can avoid the use of cash.

Banks have been advised to facilitate their customers in using online banking while taking all necessary precautions to ensure the safety and security of customer’s funds, the State Bank said, adding they are required to ensure that call centres/helplines are available round the clock for instant customer support.

Read More: Govt finalising $600 million emergency package to fight coronavirus: minister