In the tech space of Pakistan, the State Bank of Pakistan (SBP) has been lauded for the last few years for its futuristic approach, including its newly introduced digital payment system, Raast.
However, there is a hitch in the process of effective implementation of the system. The system appears to be efficient and impactful if properly implemented but that depends on how banks respond to the SBP’s call.
According to people’s experience so far, it is suggested that most banks have kept small limits for the Raast funds transfers. It means people have to transfer funds through the old Inter-Bank Funds Transfer (IBFT), which is not free, unlike Raast.
A source in the SBP has confirmed that the central bank was also been receiving complaints and it has told banks that they should also keep the Raast limits similar to the customer’s risk profile, i.e. IBFT limits.
The central bank has told banks to remove transactional limits on Raast with effect from April 1, 2022. However, SBP has allowed banks to set Raast transaction limits for their customers based on their risk profile in compliance with the relevant AML/CFT requirements.
The transaction limits for Raast payments should not be less than Rs. 200,000 per transaction or the transaction limits applicable as per the account type and prescribed by the SBP from time to time. The aggregate customer limit assigned to Raast payments should not be less than the Interbank Fund Transfer (IBFT) limit. Banks have also been asked to...
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