The Presidents/Chief Executives
All Banks/Microfinance Banks
Dear Sir/Madam,
Branchless Banking Regulations for promotion of Home Remittances
State Bank of Pakistan, for the promotion of Home Remittances through Branchless Banking, issued instructions for opening of Home Remittance Account (HRA) vide BPRD Circular No: 09 of 2017 dated December 22, 2017.
2. In order to further facilitate banks to promote Home Remittances through BB Channel, following amendments have been made in existing instructions with immediate effect:-
a) The incentive of airtime is increased to Rs. 2 against each USD received through M-Wallet. Further, the entire amount of incentive to HRA customers shall be borne by the Government of Pakistan.
b) Besides instructions contained in para 4(1) of Annexure “A” of the Regulations relating to Special L-1 account/ sub account of L-1, the Authorized Financial Institutions (AFIs) can also use single account for both Home Remittances and inland transactions. In case of single account, AFIs shall keep track of transactions (Home Remittances & Inland) separately and implement controls related to privileges/ transactions limits on both types of transactions as per regulatory requirements.
3. All other instructions on the subject matter will remain unchanged.
4. AFIs are advised to ensure compliance with above instructions as non-compliance shall be dealt with, in accordance with the relevant provisions of law.
5. Please acknowledge receipt.