KARACHI: The State Bank of Pakistan (SBP) has launched ‘Asaan Remittance Account’ in collaboration with Pakistan Remittance Initiative (PRI) to support those who receive remittances in Pakistan.
These accounts will be opened by banks with simplified procedures, according to a SBP press release.
The objective of this initiative is to encourage opening of these accounts for receiving home remittances through proper accounts instead of traditional cash over the counter transactions.
This category of limited mandate accounts is designed for beneficiaries of home remittances and will be fed with the proceeds of home remittances only. The prospective recipients and their family members (beneficiaries of home remittances) can open these accounts at bank’s branches or by bank’s permanent staff/ employee after visiting customers’ places.
Only individuals can open these accounts with a simple and one-page account opening form (paper based/ electronic form) in rupee with basic customer information.
The customer due diligence and other controls specified for ‘Asaan Account’, which was earlier launched by the SBP in 2015, will be applicable for opening of Asaan Remittance Account.
In addition, the account opening form should have the International Bank Account Number (IBAN) of the Asaan Remittance Account and names of prospective remitter’s stating relationship with the account holder as well.
A maximum credit balance limit of Rs2 million, cash withdrawal limit of Rs50,000 per day and fund transfer limit of Rs50,000 per day has been set for these accounts.
The SBP expects that this facility will help to achieve financial inclusion targets set out under National Financial Inclusion Strategy (NFIS) and provide standard framework governing the limited mandate accounts and products currently being offered by commercial banks and microfinance banks.
Published in The Express Tribune, December 7th, 2017.