Business Desk
May 30, 2024
In order to facilitate digital payments at the cattle markets for the sale of sacrificial animals ahead of Eid ul Adha, the State Bank of Pakistan (SBP) has temporarily enhanced the transaction/balance limit for various categories of accounts from May 31 to June 20, 2024.
"The initiative aims to address the issue of significant cash-based transactions that take place during this period by promoting digital channels as a safe and convenient alternative payments mode," the statement released on Thursday read.
The accounts for which limits have been enhanced include:
- Branchless Banking L-1
- Asaan Account/Asaan Digital Account
- Merchant Account
The accounts have a maximum balance limit of Rs5 million and exemption for balances exceeding usual limits have been afforded for biometrically verified accounts of cattle farmers/merchants and after conducting on-site due diligence.
