Lower limit for fund transfers reduced
Decision taken to facilitate retail customers.
KARACHI:
The State Bank of Pakistan (SBP) has announced that it has decided to enhance the scope of third party fund transfers through the Pakistan Real-Time Interbank Settlement Mechanism (PRISM) with immediate effect.
The lower limit for third party fund transfers through the system will now be Rs1 million and above. Earlier, this limit was Rs10 million and above. This has been done to facilitate retail customers of banks and development finance institutions (DFIs), said SBP in a circular issued on Friday.
Moreover, the central bank said it has fixed different time bands and provided incentives for banks and DFIs to settle transactions as early as possible. The transactions executed up to 1:30 pm would attract lower charges and those settled up to 4.00 pm would lead to relatively higher charges.
SBP also asked banks and DFIs not to charge customers more than 10 per cent of the fee levied by the central bank for transfers.
Published in The Express Tribune, May 14th, 2011.
The State Bank of Pakistan (SBP) has announced that it has decided to enhance the scope of third party fund transfers through the Pakistan Real-Time Interbank Settlement Mechanism (PRISM) with immediate effect.
The lower limit for third party fund transfers through the system will now be Rs1 million and above. Earlier, this limit was Rs10 million and above. This has been done to facilitate retail customers of banks and development finance institutions (DFIs), said SBP in a circular issued on Friday.
Moreover, the central bank said it has fixed different time bands and provided incentives for banks and DFIs to settle transactions as early as possible. The transactions executed up to 1:30 pm would attract lower charges and those settled up to 4.00 pm would lead to relatively higher charges.
SBP also asked banks and DFIs not to charge customers more than 10 per cent of the fee levied by the central bank for transfers.
Published in The Express Tribune, May 14th, 2011.