SBP waives charges on internet, mobile banking services

Dunya News

No more activation, subscription or annual charges on internet and mobile banking services.

KARACHI (Web Desk) - In order to promote digitization in the banking sector and encourage use of digital channels, SBP has instructed all banks to provide minimum set of services on their Internet Banking (IB) and Mobile Banking (MB) channels and directed them to not levy any activation, subscription or annual charges on their customers for using such services.

According to SBP statement, the minimum services will include bill payments, funds transfer/IBFT, beneficiary management, limit management, credit and debit card management, stop cheque payment etc.

The digitization of the entire payment process is hindered if the customers can make payments to only those billers that are registered with their own bank. Hence, in order to facilitate the customers, the banks have been advised to make necessary arrangements to ensure that their customers can make online payments to maximum number of billers.

To promote the use of payment cards, the banks will issue debit card to all new bank account holders and customers who have not previously opted for a debit card, unless the customer opts not to receive any payment card.

However, this requirement will not be applicable on customers that are not literate, Photo Account Holders and visually impaired persons.

Considering the significance of digitization, the banks have also been advised to create a role of Chief Digital Officer (CDO) who would be responsible for steering the digitization efforts.

Further, accelerated digitization will also be part of KPIs of every CEO, which will be monitored by their board for its achievement on at least half-yearly basis.