SBP enhances transaction limits for Asaan accounts

The State Bank of Pakistan (SBP) on Wednesday enhanced transaction limits for Assan accounts to further expand outreach of low risk accounts.

As per the new limits for Assan account, total debit per month shall be Rs1 million and total credit balance limit has also been increased to Rs1 million. Previously this limit was Rs500,000.

The SBP while referring to BPRD Circular No.11 of 2015 and BPRD Circular Letter No.32 of 2017 regarding the captioned subject, wherein accounts namely Asaan Account and Asaan Remittance Account were introduced to extend benefits of financial services to unbanked/ under-banked segments of population.

The SBP has been actively pursuing the goal of financial inclusion in the country by expanding the outreach of banking services to all segments of society especially to the unbanked or under banked population. The strategy helps to increase documentation of the economy, create saving habits among the masses for returns/profits on their savings and generates opportunities to access credit and insurance facilities through the formal financial sector.

Meanwhile, following the decision of the federal government, the State Bank of Pakistan (SBP) will observe six days working week during the holy month of Ramadan, a notification released by SBP said.

This will also be followed by all commercial banks, development finance institutions (DFIs) and microfinance banks (MFBs). The revised office hours will be: Monday to Thursday and Saturday from 8:00am to 3:00pm with prayer break from 1:00pm to 1:30pm whereas on Fridays the timings will be from 8:00am to 1:00pm without any break.

Banks/MFBs are further advised to observe the following minimum business (banking) hours for public dealing: Monday to Thursday and Saturday from 8:00am to 1:00pm without any break whereas on Friday, the business (banking) hours will be from 8:00am to 12:00pm without any break.

However, except Friday, banks / MFBs may observe extended business (banking) hours for public dealing from 8:00am to 2:00pm (without break) as their business requirements. The above timings shall come into force with immediate effect and remain to continue unless modified or withdrawn, the notice added.

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