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 national bank’s decision comes after health experts urge the public to practise social distancing in order to prevent the virus from spreading.
As per reports, the SBP made this move to minimize the use of cash to contain the spread of virus amongst bank staff and customers.
Furthermore, under the guidelines issued by the central bank, customers using ATMs or visiting bank branches for transferring large amounts will not incur any charges.
The state bank further advised the financial sector “to immediately facilitate education fee and loan repayments through internet banking or mobile devices.”
The SBP in a statement said, “The objective of these measures is to reduce the need for visiting bank branches or the ATMs and to promote the use of Digital Payment Services such as internet banking, mobile phone banking, etc”.
For this, the SBP has advised all banks to ensure availability of the alternate delivery platforms including ATMs, POS, payment gateways, internet banking, mobile banking and call centers for customers at all times.