SBP eases transactional limits for Raast P2P

SBP eases transactional limits for Raast P2P payment services inorder to facilitate users of Raast services.

According to SBP circular With effect from April 1, 2022, for Raast P2P there will be no transactional limits on Raast system by SBP. Banks/MFBs/EMIs may however set, in their system Raast transaction limits for their customers based on their risk profile in compliance with the relevant AML/CFT requirements.

Moreover, customer transaction limits for Raast payments shall not be less than Rs.200,000/- per transaction or the transaction limits applicable as per the account type and prescribed by SBP from time to time.

The aggregate customer limit assigned to Raast payments shall not be less than the Interbank Fund Transfer (IBFT) limit.

The aggregate limit shall be communicated to the customers and available transaction limit shall be shown in their mobile apps/internet banking portals.

Banks/MFBs/EMIs shall ensure that above mentioned technical as well as operational arrangements and readiness are in place not later than March 21, 2022.

Banks/MFBs/EMIs shall ensure strict compliance with PSD Circular No. 01 of 2021 by providing their customers with the option to increase or decrease the transaction limits by using their mobile apps/internet banking portals, no later than April 10, 2022.

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The regulator (State Bank of Pakistan) reiterated that Banks/MFBs/EMIs shall put in place robust internal controls and strong risk mitigants to prevent fraudulent activities, misuse/abuse of the transaction limits and risks related to the safety and security of Raast system at their end.

Under Raast Person-to-Person (P2P) fund transfers and settlement services, bank customers would be able to send and receive funds in their accounts using their bank’s mobile application, internet banking or over the counter services.

For customers’ facilitation, they can set their registered mobile phone number as their Raast ID and link it to their preferred International Bank Account Number (IBAN) using the bank’s mobile application, internet banking, or visiting their bank branch.

 

 

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