Karachi: The State Bank of Pakistan (SBP) has notified commercial banks to extend the transaction limit for RAAST Person-to-Person (P2P) Payment Service from April 1, 2022, news sources reported. The SBP has asked the banks to set a new limit no less than PKR 200,000.
The Banks, Micro Finance Banks (MFBs), and Electronic Money Institutions (EMIs) may, however, impose Raast transaction restrictions for their clients in their system depending on their risk profile as per the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) laws. In a notification to the banks and financial institutions, the apex bank advised the following:
Banks will make all the necessary IT and compliance arrangements till March 21
Banks will allow and inform customers to change their transaction limits no later than April 10, 2022
Customer transaction limits for Raast payments must be no less than PKR 200,000 per transaction, or the transaction limitations applicable to the account type, as decided by SBP on a case-by-case basis.
The total customer limit for Raast payments will not be less than the Interbank Fund Transfer (IBFT) limit. The bank will intimate and communicate transaction limits to the customers, which will also be shown in their mobile app.
It is worth noting that the Raast P2P payment system for fast digital transactions was launched by the government in February this year. With this digital system, customers may send and receive money in their accounts using simply their cellphone number, eliminating the necessity for a bank account number.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
