Covid-19 Measures by SBP

We have waived all charges for customers using online fund transfer services, which will allow customers to perform online interbank transactions free of cost. This will contain the spread of COVID-19 by limiting the physical interaction of citizens at bank branches.

Waiving charges for online fund transfers

SBP, in order to facilitate transactions through digital means, has waived all the transactional fees charged by banks against all the inter-bank and intra-bank fund transfers levied by banks through online banking channels. In addition to waiving charges on fund transfers through online banking channels, SBP lead by example and also waived charges against all customer transfers performed through SBP operated RTGS system.

Further, to enable easy on-boarding of customers to use online banking channels, SBP waived the requirement of biometric verification to activate internet and mobile banking as per PSD Circular No.09 of 2018, till further instructions, with the instructions to ensure:

• Customer authentication and verification using appropriate measures
• Safety and security of customer transactions.

SBP also advised banks/MFBs/PSOs/PSPs to make arrangements on urgent basis to:

• Enable digital collection of all challans/invoice based payments such as education fee.
• Offer loan repayments facility through online/digital channels.

Facilitation regarding paper-based clearing operations

During the pandemic, the banking industry faced immense pressure to facilitate the financial needs of the customers due to decrease in operational timings and subsequent closure of some of the branches. These steps decreased the number of paper based instruments processing and also increased processing times. In order to provide relief, SBP introduced Direct Cheque Deposit Facility, which has reengineered the whole process of clearing of cheques.

The facility not only decreased the processing turnaround time but also provided an opportunity to the customers to avail fund transfer facility through SBP operated RTGS. In this facility, the customers instead of going to their account maintaining branch, can present their crossed-cheques to any branch of the paying bank, in order to have immediate transfers of funds to their account. Through these sets of instructions, SBP also allowed banks to provide following services to their customers with the intention of processing paper based instruments without going to branches:

• Doorstep Cheque Collection Facility
• Drop box Cheque Collection Facility
• Clearing of scanned image of cheque for priority/corporate customers
• Image Based Clearing (IBC) functionality