SBP dispels impression about online fund transfers

ISLAMABAD: State Bank of Pakistan (SBP) Deputy Governor Sima Kamil has made some clarifications about the central bank's recent instructions to banks about changes to the pricing mechanism of inter-bank fund transfers online.

A maximum of Rs200 will be charged for a large transaction in one month, while online transfer of utility bills will not incur any transfer charges, Kamil told Geo News. Before the coronavirus pandemic, some banks used to charge Rs100 and some Rs400 for fund transfers, she said. But after the virus outbreak, the SBP had waived all charges for online money transfers, she said.

According to Kamil, after an improvement has been seen in the COVID-19 situation in Pakistan, a fee has now been fixed for the transfer of money. She explained that transactions up to Rs25,000 in a month will be free.

The SBP deputy governor said there will be no charges on online purchase transactions of up to Rs10,000 and transaction charges will be levied on online purchases of more than Rs25,000 in a month.