KARACHI: In order to further facilitate users of Raast services, the State Bank of Pakistan (SBP) has relaxed transactional limits for Raast Person-to-Person (P2P) Payment Service.
“With effect from April 1, 2022, there will be no transactional limits on Raast system by SBP,” a circular issue by the SBP said Wednesday.
Banks, MFBs, Electronic Money Institutions (EMIs), may however set, in their system Raast transaction limits for their customers based on their risk profile in compliance with the relevant Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) requirements.
Further, customer transaction limits for Raast payments shall not be less than Rs200,000 per transaction or the transaction limits applicable as per the account type and prescribed by SBP from time to time.
The aggregate customer limit assigned to Raast payments will not be less than the Interbank Fund Transfer (IBFT) limit. The aggregate limit will be communicated to the customers and available transaction limit shall be shown in their mobile apps/internet banking portals.
SBP introduces Raast instant payment system
Banks/MFBs/EMIs have been asked to ensure that technical as well as operational arrangements and readiness are in place not later than March 21, 2022.
Banks/MFBs/EMIs will also ensure strict compliance of previous directives by providing their customers with the option to increase or decrease the transaction limits by using their mobile apps/internet banking portals, no later than April 10, 2022.
SBP has reiterated that Banks/MFBs/EMIs will put in place robust internal controls and strong risk mitigants to prevent fraudulent activities, misuse/abuse of the transaction limits and risks related to the safety and security of Raast system at their end.
The SBP has implemented Pakistan’s Instant Payment System “Raast” to offer instant, reliable and free person-to-person payment services to the people of Pakistan with the objective of promoting digital financial services and financial inclusion. The first phase of the system, “Raast-Bulk Payments,” was launched in January 2021.
While, the second phase of Raast, which enables instant Person-to-Person (P2P) fund transfers and settlement, is now being launched. Customers would be able to send and receive funds using either their International Bank Account Number (IBAN) or their Raast ID.
Initially, customers would be able to use their registered mobile numbers as their Raast ID and link it to any of their bank account for conveniently receiving funds.
Copyright Business Recorder, 2022