The SBP instructed banks to withdraw all charges for the online transfer of money. In order to provide operation smoothly and to avoid rising risk exposure to coronaviruses, the central bank advised banks to take appropriate steps.
These initiatives aim at minimizing the need for bank branch visitors or ATMs and encouraging the use of digital payment systems, such as the internet and mobile transactions.
The SBP instructed banks, for example, Inter Bank Fund Transfer (IBFT) and SBP’s real-time gross settlement program for customers to cancel all charges related to fund transfers through electronic banking channels.
Thus, people will transfer money through smartphones or internet banking to avoid having to visit a bank branch or ATM at no expense. They will still be free if they use ATMs or visit branches for big transfer and will prevent the use of currency.
Banks are urged to promote the use of electronic banking by their customers while taking all the appropriate steps to ensure consumer funds are safe and stable, said the State Bank adding they are expected to guarantee the immediate customer service access to call centers/helplines around the world.
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03 April, 2020