SBP enhances transaction limits for Asaan accounts

Karachi: The State Bank of Pakistan (SBP) has announced an increase in the transaction limits of the Asaan Account and Asaan Remittance Account to enhance banking services for the underrepresented sections of society, news sources reported on April 14.

Reportedly, the SBP has increased the daily and monthly transaction limits of both types of accounts by 100% to enhance bank facilities for people with the least bank coverage. As per the circular released by SBP, the following changes have been made:  

Read: BoI to launch Asaan Karobaar Programme, dedicated portal

Asaan Account 

• The total debit limit per month has been increased from PKR 0.5 million to PKR 1 million 
• The total credit balance limit has been increased to PKR 1 million from the previous limit of PKR 0.5 million

Asaan Remittance Account  

• The maximum credit balance limit has been increased from PKR 1 million to PKR 3 million.  
• The cash withdrawal limit has been fixed at PKR 500,000 per day compared to the previous limit of PKR 50,000 per day. 
• The fund transfer limit to other accounts has been increased from PKR 50,000 per day to PKR 500,000 per day.  
• The local credit amounting to PKR 1 million per month is allowed  

Read: SBP launches Asaan Mobile Account for branchless banking services

According to the SBP, the Asaan Bank Account category was introduced in 2015 as part of the National Financial Inclusion Strategy (NFIS). The new approach streamlined the criteria and procedures for opening accounts. The SBP had set a target of a 50% increase in bank accounts for the adult population under the NFIS by 2020.