Circulars/Notifications - Banking Policy & Regulations Department  
 BPRD Circular Letter No. 23 of 2018
December 17, 2018

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.


Yours truly,

Sd/-

(Muhammad Akhtar Javed)
Director



       
Home
About SBP
Publications
Economic Data
Press Releases
Circulars/Notifications
Laws, Legislations & Regulations
Monetary Policy
Help Desk
SBP Videos
Feedback
Contact us
What's New?
Speeches
Online Tenders
Web Links

Educational Resources
Regulatory Returns
Library
Rupey ko Pehchano
Events
Zahid Husain Memorial Lecture
Careers
Sitemap
 
Best view Screen Resolution : 1024 * 768
Copyright © 2016. All Rights Reserved.