State Bank of Pakistan (SBP) has authorized banks to charge a fee of up to 0.1% with minimum of Rs 200 on IBFT (inter-bank funds transfer). These charges are exorbitantly high and against the government and FBR policy of digitizing the economy. Public will again be forced to resort to cash transactions. Banks already charge annual fee for using their Digital/Internet banking facility and now these charges would totally discourage the people using IB facility. SBP should immediately cancel these charges and allow free transactions like before as banks charge annual fee in advance for the year.
CA (Lahore)Copyright Business Recorder, 2021