SBP waives digital transaction charges

The move aims to minimise use of cash to contain the spread of virus amongst the bank staff and customers. — Aurora/File
The move aims to minimise use of cash to contain the spread of virus amongst the bank staff and customers. — Aurora/File

KARACHI: In light of the coronavirus pandemic, 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 move aims to minimise use of cash to contain the spread of virus amongst the bank staff and customers.

Moreover, under the guidelines issued by the SBP, customers using ATMs or visiting bank branches for transferring large amounts will not incur any cost.

The central bank also advised the financial sector “to immediately facilitate education fee and loan repayments through internet banking or mobile devices.”

“The objective of these measures is to reduce the need for visiting bank branches or the ATMs and to promote use of Digital Payment Services such as internet banking, mobile phone banking etc,” said the SBP in a statement.

The central bank also advised banks to ensure availability of all the alternate delivery channels including ATMs, POS, internet banking, payment gateways, mobile banking and call centres for customers at all times.

Published in Dawn, March 19th, 2020

Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Debt that stays
30 Jul, 2026

Debt that stays

THE power sector’s circular debt grew by Rs61bn in the last fiscal year, taking the total to roughly Rs1.67tr from...
HIV warning
30 Jul, 2026

HIV warning

THE HIV infections detected around two SESSI-run hospitals in Karachi demand far more than another hurried committee...
End trafficking
30 Jul, 2026

End trafficking

MODERN slavery, in the form of human trafficking, is among the state’s gravest failures. Scores of Pakistanis are...
AJK elections
29 Jul, 2026

AJK elections

CONSIDERING the political unrest that has rocked Azad Jammu and Kashmir in the recent past, free and fair general...
Still vulnerable
29 Jul, 2026

Still vulnerable

THE State Bank’s decision to hold the policy rate at 11.5pc is a prudent response to the heightened risks the...
Guarding the past
29 Jul, 2026

Guarding the past

THE return of 513 smuggled archaeological artefacts from the US is a welcome homecoming for objects that should ...