State bank statement on inter bank funds transfer IBFT charges

After receiving backlash for allowing banks to charge money for online fund transfers, the State Bank of Pakistan (SBP) has said that the decision will ensure ‘sustainable supply of digital transactions.’

The SBP, in a series of tweets, said that 80% of IBFT transactions are below the amount of Rs25,000 in a month so for most people the service will still be free. “IBFT does not include utility bill payments. It is not a tax but a fee that is charged to cover the cost of providing services,” it added.

The central bank said that the objective of this decision is to ensure sustainable supply of digital services by fintechs and banks without discouraging digital transactions by the majority of public.
Days ago, Deputy Governor SBP Sima Kamil said that the country's banks have now been brought into a regulated structure of charging customers for online fund transfer services, calling it a "price-control" mechanism as situation around Covid-19 had eased in the country.

Kamil, ex-president of United Bank Limited and former director of the First Microfinance Bank, said that before the pandemic, banks and MFBs used to charge Rs100 to Rs400 per transaction for money transfers.

“Banks are no more independent to charge whatever they want. There is a price control to it," added Kamil, who was appointed as SBP's deputy governor by the government in August, 2020 for a period of three years.

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[nimraaftabqazi]

Cheque s ya hm bnk s behjte ha tb to chrges nae huge

[Abdullahkhanf]

Inter bank crossed chequq per charges hon

[khansahab-glpn]

Agar kisi key salary ho aut wo atm say 50000 do din may nikalwai to ibft charges lagain ge kitny honge agar lage ge.Thank you.

[sunnytn]

is this apply on every transaction greater than 25k? or sum of all monthly transactions greater than 25k?

[happyfarminglahore]

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[faisal_sindhu]

Hello bro main 100.000 baja tha ubl sa ubl as na 600 kata ha q

[saifikhan]

Bhai mujhe call ayi thi pm loan se to main ne address galat btaya to pher mujhe msg Aya k ap Ka loan cancel ho Gia ha ap bank se rabta Karen main ne bank se rabta Kia ha wo kehte Hain k humen koi order nahen mile es liye hum ap ki madad ni Kar sakti please Bhai ap btao main Kia karon