SBP limits free inter-bank fund transfers at Rs25,000 a month
SBP caps free inter-bank fund transfers at Rs25,000 a month amid 'improved' COVID-19 situation
KARACHI (Web Desk) – State Bank of Pakistan (SBP) on Thursday said that with improved Covid-19 situation relative to last year, it has reviewed the IBFT pricing mechanism.
The statement released by the central bank states that it has has been decided to provide free of cost digital fund transfer services to individual customers up to an aggregated Rs25000 per month per account.
For transactions above Rs25000 in a month, banks may charge, a transaction fee of 0.1% of the transaction amount or Rs200, whichever is lower.
The bank further said that this will enable service providers to recover part of their costs and help them in building sustainable innovative business models.
