P2P Transaction Limit for Raast to Increase by SBP
Karachi: According to news reports, the Pakistani State Bank (SBP) has informed commercial banks that the transaction restrictions on RAAST interpersonal (P2P) payment systems will be extended to April 1, 2022. The bank has requested a new maximum of more than 200,000 rupees.
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Under the Anti-Money Laundering and Countering Financing of Terrorism (AML / CFT) Act, however, banks, microfinance banks (MFBs), and e-commerce payment institutions (EMIs) limit Raast transactions for their customers based on their risk profile. Perhaps imposed. Apex Bank urged banks and financial institutions in a statement:
By March 21, the bank will have taken the essential IT and compliance procedures. By April 10, 2022, Bank shall permit SBP to adjust transaction limitations to those applicable to account categories, as assessed on a case-by-case basis, and notify clients. The maximum number of customers allowed for
Raast payments must exceed the Interbank Funds Transfer (IFT) minimum. Customers are regularly informed of transaction limits by banks. This will appear in the mobile app as well.
Stay tuned with Al Sadat Marketing for further updates.
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