KARACHI: The State Bank of Pakistan (SBP) has announced increase in the transaction limits for Asaan Account and Asaan Remittance Account to facilitate customers.
Two new types of low-risk accounts namely Asaan Account and Asaan Remittance Account were introduced by the SBP to extend benefits of financial services to unbanked and under-banked segments of population. However, the transaction limits of both accounts were lesser than other bank accounts.
In this regard, in order to further expand outreach of Asaan Account and Asaan Remittance Account, the SBP has decided to enhance the transactional limits for Asaan Account and Asaan Remittance Account.
As per revised instructions, the revised transaction limit of Asaan Account has been increased by 100 percent. Previously, total debit per month for Asaan Account was Rs 0.5 million and now the SBP has enhanced it up to Rs 1 million. In addition, the total credit balance limit for Asaan Account has risen to Rs 1 million from Rs 0.5 million.
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For Asaan Remittance Account, maximum credit balance limit has been increased by Rs 1 million to Rs 3 million. Asaan Remittance Account cash withdrawal limit has been fixed at Rs 500,000 per day compared to previous limit of Rs. 50,000 per day.
Fund transfer limit to any other account was Rs 50,000 per day and now enhanced to Rs. 500,000 per day for the customers of Asaan Remittance Account. With revised instructions, Local credit amounting to Rs. 1 million per month is allowed, however no commercial remittance will be allowed under the Asaan Remittance Account.
The State Bank actively promotes financial inclusion in the country by expanding outreach of banking services to all segments of the society through conventional and innovative channels. However, despite SBP’s efforts, a large portion of the population still remains excluded from financial services. In order to enhance the financial inclusion in Pakistan, SBP formulated a National Financial Inclusion Strategy (NFIS) wherein a target of 50 percent growth in bank accounts by adult population by the year 2020 has been set out.
To achieve this goal and facilitate the banking industry, SBP in 2015 launched simplified account opening requirements/procedures and introduced a new account category namely Asaan Account for low-risk customers. In addition, with the view to promote use of bank accounts by home remittance recipients (beneficiaries), SBP, in 2017 allowed banks to open ‘Asaan Remittance Account’ of prospective beneficiaries of home remittances on the pattern of Asaan Account.
Copyright Business Recorder, 2022
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