With effect from April 1, 2022, the State Bank of Pakistan has removed the minimum limit for P2P transactions through the Raast Payment System.
In accordance with the applicable AML/CFT rules, the banking authority permitted financial institutions to impose a limit for their clients depending on their risk profile.
It set a minimum transaction limit of Rs. 200,000 per transaction for Raast payments, or the transaction limitations apply to the account type and specified by SBP from time to time.
The total customer limit for Raast payments must be greater than the Interbank Fund Transfer (IBFT) limit.
Customers will be informed of the aggregate limit, and the available transaction limit will be displayed in their mobile apps/internet banking portals.
Not later than March 21, 2022, banks/MFBs/EMIs must guarantee that the above-mentioned technologies, as well as operational preparations and preparedness, are in place.
No later than April 10, 2022, banks/MFBs/EMIs must guarantee strict compliance with the prior instructions by giving their clients the ability to raise or lower transaction limits through their mobile apps/internet banking portals.
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Banks/MFBs/EMIs are reminded that they must implement strong internal controls and risk mitigations to avoid fraudulent activities, misuse/abuse of transaction restrictions, and risks linked to the Raast system’s safety and security.
Within the timescales previously set by SBP, Raast Participant Banks (banks) must make the service accessible on at least three channels, namely mobile applications, online banking portals, and branch counters.
Within 20 seconds of receiving the credit advice from Raast System, funds successfully transferred through Raast should be credited into the recipients’ accounts. Within this time period, the completed transaction should appear on both the sender’s and receiver’s account accounts, and consumers should get credit/debit confirmation advice on their registered telephones, email addresses, and through in-app alerts, if accessible. The credit/debit advice must include all pertinent information, such as the counterparty’s name and the Raast Mode of Payment.
If a transaction is denied, the sending customers will be notified by their registered telephones, email addresses, and in-app alerts, if available, with the reason for rejection clearly stated.