Banks directed to waive online fund transfers charges

KARACHI: The State Bank of Pakistan (SBP) has 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.

In the wake of the recent outbreak of COVID19 (Corona virus), 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. Further, they will also ensure that call centres/helplines are available 24/7 for instant customer support.

SBP is undertaking a number of measures to contribute towards meeting the challenges faced by society to remain safe from this pandemic and its potential impact.

Given the pivotal role of financial sector in providing services to the general public and particularly the businesses, SBP after consultation with stakeholders has instructed banks to take specific measures to provide their services seamlessly taking due care of reducing the risk exposure amid corona virus.

The objective of these measures is to reduce the need for visiting bank branches or the ATMs and to promote use of Digital Payment Services such as internet banking, mobile phone banking etc.