{"id":84704,"date":"2022-03-19T10:06:00","date_gmt":"2022-03-19T05:06:00","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=84704"},"modified":"2022-03-21T10:21:09","modified_gmt":"2022-03-21T05:21:09","slug":"raast-increase-p2p-transaction-limit","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/raast-increase-p2p-transaction-limit.html","title":{"rendered":"Raast: SBP directs banks to increase P2P transaction limit"},"content":{"rendered":"\n<p>Karachi: The State Bank of Pakistan (SBP) has notified commercial banks to extend the transaction limit for RAAST Person-to-Person (P2P) Payment Service from April 1, 2022, news sources reported. The SBP has asked the banks to set a new limit no less than PKR 200,000.\u00a0\u00a0\u00a0<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/raast-payment-system-launched.html\" data-type=\"post\" data-id=\"83900\" target=\"_blank\" rel=\"noreferrer noopener\">Raast payment system for instant digital transactions launched<\/a><\/p>\n\n\n\n<p>The Banks, Micro Finance Banks (MFBs), and Electronic Money Institutions (EMIs) may, however, impose Raast transaction restrictions for their clients in their system depending on their risk profile as per the Anti-Money Laundering and Counter Financing of Terrorism (AML\/CFT) laws. In a notification to the banks and financial institutions, the apex bank advised the following:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Banks will make all the necessary IT and compliance arrangements till March 21&nbsp;&nbsp;<\/li><li>Banks will allow and inform customers to change their transaction limits no later than April 10, 2022&nbsp;<\/li><li>Customer transaction limits for Raast payments must be no less than PKR 200,000 per transaction, or the transaction limitations applicable to the account type, as decided by SBP on a case-by-case basis.&nbsp;<\/li><li>The total customer limit for <a href=\"https:\/\/www.zameen.com\/news\/financing-facilities-offered-to-uplift-kps-sme-sector.html\" data-type=\"post\" data-id=\"82879\" target=\"_blank\" rel=\"noreferrer noopener\">Raast payments will not be less than the Interbank<\/a> Fund Transfer (IBFT) limit. The bank will intimate and communicate transaction limits to the customers, which will also be shown in their mobile app.&nbsp;&nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/national-savings-rise-735-bn.html\" data-type=\"post\" data-id=\"84560\" target=\"_blank\" rel=\"noreferrer noopener\">National Savings deposits rise to historic PKR 735 bn<\/a><\/p>\n\n\n\n<p>It is worth noting that the <a href=\"https:\/\/www.zameen.com\/news\/raast-payment-system-launched.html\" data-type=\"post\" data-id=\"83900\">Raast P2P payment system for fast digital transactions was launched <\/a>by the government in February this year. With this digital system, customers may send and receive money in their accounts using simply their cellphone number, eliminating the necessity for a bank account number.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: The State Bank of Pakistan (SBP) has notified commercial banks to extend the transaction limit for RAAST Person-to-Person (P2P) Payment Service from April 1, 2022, news sources reported. The SBP has asked the banks to set a new limit no less than PKR 200,000.\u00a0\u00a0\u00a0 Read: Raast payment system for instant digital transactions launched The Banks, Micro Finance Banks (MFBs), and Electronic Money Institutions (EMIs) may, however, impose Raast transaction restrictions for their clients in their system depending on their risk profile as per the Anti-Money Laundering and Counter Financing of Terrorism (AML\/CFT) laws. In a notification to the banks and financial institutions, the apex bank advised the following:&nbsp; Banks will make all the necessary IT and compliance arrangements till March 21&nbsp;&nbsp; Banks will allow and inform customers to change their transaction limits no later than April 10, 2022&nbsp; Customer transaction limits for Raast payments must be no less than PKR 200,000 per transaction, or the transaction limitations applicable to the account type, as decided by SBP on a case-by-case basis.&nbsp; The total customer limit for Raast payments will not be less than the Interbank Fund Transfer (IBFT) limit. The bank will intimate and communicate transaction limits to the customers,&hellip;<\/p>\n","protected":false},"author":84,"featured_media":73363,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[51621,51620],"persona":[],"class_list":{"0":"post-84704","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-raast-account-limit","9":"tag-raast-sbp-directs-banks-to-increase-p2p-transaction-limit","10":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Raast: SBP directs banks to increase P2P transaction limit - Zameen News<\/title>\n<meta name=\"description\" content=\"Karachi: The State Bank of Pakistan (SBP) has notified commercial banks to extend the transaction limit for RAAST Person-to-Person (P2P) Payment Service\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/raast-increase-p2p-transaction-limit.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Raast: SBP directs banks to increase P2P transaction limit - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Karachi: The State Bank of Pakistan (SBP) has notified commercial banks to extend the transaction limit for RAAST Person-to-Person (P2P) Payment Service\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/raast-increase-p2p-transaction-limit.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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