Thu June 21, 2018
Advertisement
Can't connect right now! retry

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

Business

December 7, 2017

Share

Advertisement

SBP launches Asaan Remittance Account

KARACHI: The State Bank of Pakistan (SBP) in collaboration with Pakistan Remittance Initiative (PRI) has launched “Asaan Remittance Account” in an effort to encourage remittance receipts through proper accounts instead of traditional cash over the counter transactions, a statement said on Wednesday.
These accounts will be opened by banks with simplified procedures. A maximum credit balance limit of Rs2 million, cash withdrawal limit of Rs50,000/day and fund transfer limit of Rs50,000/day has been set for these accounts.
“This category of limited mandate accounts is designed for beneficiaries of home remittances and will be fed with the proceeds of home remittances only,” it said. “The prospective recipients and their family members (beneficiaries of home remittances) can open these accounts at bank branches or by bank’s permanent staff / employee after visiting customers’ places,” the central bank said.
Only individuals can open these accounts with a simple and one page account opening form (paper-based / electronic form) in rupee with basic customer information. The customer’s due diligence and other controls specified for ‘Asaan Account’ that was earlier launched by the SBP in 2015 would be applicable for opening of Asaan Remittance Account, it said.
In addition, the account opening form should have International Bank Account Number (IBAN) of the Asaan Remittance Account and names of prospective remitter(s), stating relationship with the accountholder, as well.
“We expect this facility will help achieve financial inclusion targets set out under the National Financial Inclusion Strategy (NFIS) and provide standard framework governing the limited mandate accounts and products currently being offered by commercial banks and microfinance banks.” “Over and above, general public will get benefit of bank accounts and allied facilities,” it added.

x
Advertisement

Advertisement

Comments

Advertisement
Advertisement

Topstory

Opinion

Newspost

Editorial

National

World

Sports

Business

Karachi

Lahore

Islamabad

Peshawar