Speaking on Geo News‘ morning show ‘Geo Pakistan‘, Deputy Governor of State Bank Pakistan (SBP), Sima Kamil, made some clarifications about SBP’s recent instructions to banks about changes to the pricing mechanism of inter-bank fund transfers (IBFT) online.
A maximum of Rs 200 will be charged for a large transaction in one month, while online transfer of utility bills will not have any transfer charges.
Before Covid-19, certain banks used to charge Rs100 and some Rs400 for fund transfers, she said.
But after the pandemic, SBP had waived all charges for online money transfers, added Sima.
Sima Kamil explained that transactions up to Rs25,000 in a month will be free, while a transaction of Rs10,000 after the first Rs25,000 transaction will be charged at Rs10.
SBP Deputy Governor further added that there will be no charges on online purchase transactions of up to Rs10,000 but transaction charges will be levied on online purchases of more than Rs25,000 in a month.
State Bank of Pakistan issued new instructions for inter-bank fund transfers earlier this week.
The SBP has made changes to its IBFT pricing techniques as it says the Covid-19 situation has improved across Pakistan.
According to its new instructions, banks have been allowed to charge a minimal fee on “high-value transactions”.
Banks, however, have been told that they may choose to set this aggregate limit at a higher amount as well.