SBP waives digital transaction charges

KARACHI: In light of the coronavirus pandemic, the State Bank of Pakistan (SBP) on Wednesday waived all charges on fund transfers through online banking channels to avoid the use of cash.

The move aims to minimise use of cash to contain the spread of virus amongst the bank staff and customers.

Moreover, under the guidelines issued by the SBP, customers using ATMs or visiting bank branches for transferring large amounts will not incur any cost.

The central bank also advised the financial sector “to immediately facilitate education fee and loan repayments through internet banking or mobile devices.”

“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,” said the SBP in a statement.

The central bank also advised banks to ensure availability of all the alternate delivery channels including ATMs, POS, internet banking, payment gateways, mobile banking and call centres for customers at all times.