State Bank of Pakistan (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 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.
2. With the view to promote use of bank accounts by home remittance recipients (beneficiaries), SBP has decided that banks may open ‘Asaan Remittance Account’ of prospective beneficiaries of home remittances on the pattern of Asaan Account introduced by SBP vide BPRD Circular No. 11 dated June 22, 2015. This will facilitate opening of bank accounts by low risk customers to receive home remittances through proper accounts instead of resorting to traditional cash over the counter transactions.
3. In this regard, due diligence and other controls specified for Asaan Account shall also be applicable for Asaan Remittance Account. However, following additional features shall apply while opening and maintaining these accounts:
||Account Opening Form: In addition to the requirements specified under Asaan Account Guidelines, account opening form should have IBAN of the Asaan Remittance Account and names of prospective remitter(s) stating relationship with the account holder as well.
||Limited mandate: This account shall be fed through Home Remittances from abroad only and no local credit shall be allowed in the account. Further, no commercial remittances shall be deposited in the account.
||Transaction Limits/Turnover: There will be (i) maximum credit balance limit of
Rs. 2,000,000 (ii) cash withdrawal limit of Rs. 50,000 per day and (iii) fund transfer limit from Asaan Remittance Account to any other account of Rs. 50,000 per day.
4. Banks/MFBs should launch awareness campaign to sensitize general public about the benefits of this product i.e. security, issuance of Proceeds Realization Certificate (PRC), timely credit and complaint resolution. Banks/MFBs may also coordinate with overseas employment promoters to reach potential remittance niche for opening of these accounts for self and family members.
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