DURING these critical times, allowing banks to charge a fee on inter-bank fund transfer (IBFT) is rather bizarre. Does the State Bank of Pakistan (SBP) think that the pandemic has ended? If that is not the case, and it is certainly not, why has it allowed the banks to charge a fee on IBFT? Or does the State Bank think that the commercial banks are not making enough money on a wide range of other financial products and that they cannot afford to exempt just one?

People were using IBFT to make hassle-free transfers from home or office without any cost and without having to go to the bank branches.

When they are charged for it, they will avoid it and visit the banks to make transactions. Will it help in the implementation of the standard operating procedures (SOPs) related to the Covid pandemic, which is already a big hassle for the authorities across the country?

The SBP should keep the IBFT facility free of cost at least till the pandemic ends, or, else, it should be ready to take the responsibility of the spread of the virus through its decision to facilitate the commercial banks in making money regardless of the cost.

Moiz Khan Saifi

Karachi

Published in Dawn, June 24th, 2021