- Banks/MFBs shall waive the transaction costs on RTGS buyer transfers, says SBP.
- SBP orders banks to Allow digital assortment of all challans/bill primarily based funds equivalent to training charges.
The State Financial institution of Pakistan (SBP) on Wednesday introduced a string of measures to restrict the unfold of coronavirus (COVID-19) within the nation by selling using Digital Fee Companies.
The SBP in a round acknowledged: To curtail the danger of unfold of Corona Virus (COVID-19) and restrict the bodily interplay of residents at department degree, Banks/MFBs/PSOs are suggested to implement following measures with impact from March 20, 2020:
- Banks/MFBs shall run campaigns on print, digital and social media to create consciousness and promote using Alternate Supply Channels (ADCs) to restrict using foreign money notes and minimizing department visits.
- Banks/MFBs are additionally suggested to make sure that name centres/helplines can be found 24/7 for fast buyer help for points referring to all ADCs together with ATMs, POS machines, Web Banking, Cell Banking and many others. The media campaigns shall clearly point out the contact particulars of their helpline/name centres. Standing of excellent complaints associated to ADCs shall be reported to PSD as per Annexure-A.
- Banks/MFBs shall waive the transactions costs on RTGS buyer transfers (MT 102 and MT103). On this regard, SBP has additionally waived costs on such transactions with speedy impact until additional directions.
- Banks/MFBs shall waive all costs for purchasers utilizing their on-line fund switch companies together with Intra and Interbank Fund Transfers (IBFT) until additional directions.
- Additional, it has been determined that payment earned on all on-line Invoice Fee Companies together with utility invoice funds, cell top-ups and assortment of taxes and duties shall be shared equally between Banks/MFBs and the involved PSO.
- Banks/MFBs/PSOs/PSPs shall make preparations on pressing foundation to: (i) Allow digital assortment of all challans/bill primarily based funds equivalent to training payment; (ii) Provide mortgage repayments facility via on-line/digital channels.
- To facilitate Banks/MFBs, the requirement of biometric verification for purchasers to activate web and cell banking as per PSD Round No 9 of 2018 is suspended until additional directions. Nevertheless, Banks/MFBs shall guarantee; (i) buyer authentication and verification utilizing acceptable measures and (ii) security and safety of buyer transactions.
- Banks/MFBs/PSOs are suggested to make sure the 24/7 availability of all their ADCs together with ATMs, POS, web banking, fee gateways, cell banking and name centres for purchasers. Additional, Banks/MFBs/PSO/PSPs shall improve vigilance on digital channels and enhance monitoring on cyber risk actors benefiting from the state of affairs to conduct electronic mail, ransomware assaults, phishing and many others. On this regard, all 1Link member Banks/MFBs are suggested to urgently deploy Fraudulent Transaction Dispute Dealing with (FTDH) system and strictly adhere to timelines for decision of fraudulent transactions.