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Remove Service Charge on IBFTs to Encourage Digital Transactions

Author

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  • Mohammad Shaaf Najib

    (Pakistan Institute of Development Economics, Islamabad.)

Abstract

The State Bank of Pakistan (SBP) announced on June 16, 2021, that it has now allowed banks to charge a transaction fee of 0.1 percent of the transaction or PKR 200, whichever is lower on Inter-Bank Funds Transfers (IBFTs). SBP has made compulsory free-of-cost IBFTs of up to PKR 25,000 per month per account. For accounts exceeding the limit, the banks will charge the transaction fee as mentioned above.

Suggested Citation

  • Mohammad Shaaf Najib, 2021. "Remove Service Charge on IBFTs to Encourage Digital Transactions," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 60(3), pages 367-372.
    • Handle: RePEc:pid:journl:v:60:y:2021:i:3:p:367-372
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