The State Bank of Pakistan (SBP) has asked banks in the country to waive fund transfer fees in the wake of the coronavirus (COVID-19) outbreak.
Banks have been directed to waive all charges on fund transfers via online banking channels such as Inter Bank Fund Transfer (IBFT) and real-time gross settlement system.
Go deeper with GlobalData
The move is aimed at allowing customers to use banking services without incurring any cost and refrain from visiting bank branches or ATMs.
The customers will not incur any charges in case they need to use an ATM.
The banks have also been mandated to ensure that call centres are available round the clock, all seven days in a week, to provide instant customer support.
The country’s central bank has also instructed financial services firms to facilitate education fee and loan repayments through mobile or internet banking.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe central bank has advised banks to take necessary measures to increase security on digital channels and monitor cyber threats.
In a press release, SBP stated: “SBP expects that all these measures will help to continue meeting routine financial service needs of bank customers.
“SBP is working with stakeholders to continuously assess the situation and will take every possible measure to improve the safety of the public.”
