SBP extends relaxations for branchless banking operations

KARACHI: The State Bank of Pakistan (SBP) has extended relaxations for branchless banking operations and regulations for digital on-boarding of merchants. SBP announced some relaxations for ease of branchless banking operations aimed at combating Covid-19 pandemic. According to SBP, keeping in view the ongoing impact of Covid-19 pandemic in the country, it has been decided to extend the validity of the some instructions of SBP till December 31, 2020:

As per SBP directives, biometric verification of legacy Branchless Banking Level "1" accounts is extended till December 31, 2020.

Cash withdrawl/cash deposit up to Rs 25,000 per month in branchless banking Level "0" account without biometric verification and monthly transaction and account balance limits of Rs 500,000 for non-biometrically verified merchants will also be allowed for next six months.

In addition, non-applicability of daily transaction limit on branchless banking Level "0" account on payments to trusted merchants (such as schools, hospitals, utility companies, merchants etc.) and biometric and Business Place verifications at the time of Agents' on-boarding through digital channels is extended by end of this year.

Copyright Business Recorder, 2020