SBP unifies transaction purposes for customer convenience

MG News | November 23, 2023 at 11:30 AM GMT+05:00

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November 23, 2023 (MLN): Taking a significant step toward enhancing customer convenience, the State Bank of Pakistan (SBP) has devised a standardized list of transaction purposes after consultations with the banking industry, said a circular issued by the central bank on Thursday.

Currently, various Regulated Entities (REs) offering Electronic Funds Transfer (EFT) services have individual lists of transaction purposes for customers using internet and/or mobile banking channels.

All REs are advised to implement the standardized list of purposes and make necessary changes in their digital applications (internet and/or mobile banking), if any, by December 31, 2023.

All other instructions on the subject shall remain same, the notice reads.

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