The State Bank of Pakistan (SBP) has decided to enhance the scope of 3rd party fund transfers through Pakistan Real Time Interbank Settlement Mechanism (PRISM) System with immediate effect. The lower value limit for 3rd party funds transfer through the PRISM System shall now be Rs 1 million and above. Earlier, this limit was Rs 10 million and above.
This has been done to further facilitate the retail customers of banks/DFIs. Moreover, SBP has fixed different time-bands and provided incentives for banks/DFIs to settle their transactions as early as possible. The transactions executed up to 1.30 pm would attract lower charges and those settled up to 4.00 pm paying relatively higher per transaction charges. SBP has further restricted banks/DFIs not to charge their customers more than 10 percent of the charges levied by SBP for such transfers, said PSD Circular Letter No 1 of 13th May, 2011.
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