KARACHI: The State Bank of Pakistan on Wed­nesday launched Asaan Remittances Account to be opened by banks with simplified procedures to serve the underserved and unbanked.

The central bank said it has launched the facility in collaboration with Pakistan Remittance Initiative (PRI) with a primary objective to encourage opening of bank accounts for receiving home remittances, instead of traditional over-the-counter cash transactions.

This category of limited mandate accounts is designed for beneficiaries of home remittances and will be fed with the proceeds of home remittances only.

The prospective recipients and their family members (beneficiaries of home remittances) can open these accounts by contacting a bank’s branch personally, or, through the bank’s designated staff on customers’ behalf.

Individuals can open these PKR accounts with a simple, one-page account opening form, which is both paper-based and electronic, requiring only basic customer information.

The customer due diligence and other controls specified for the Asaan Account, that was earlier launched by SBP in 2015, will be applicable for opening of this account.

International Bank Account Number (IBAN) and names of prospective remitter(s) stating relationship with the account holder is a mandatory requisite for the Asaan Remittance Account.

A maximum credit balance limit of Rs2 million, cash withdrawal limit of Rs50,000 per day and fund transfer limit of Rs50,000 per day has been set for these accounts.

The SBP expects that this facility will help in achieving financial inclusion targets set out under the National Financial Inclusion Strategy and provide standard framework governing the limited mandate accounts and products currently being offered by commercial banks and microfinance banks.

Published in Dawn, December 7th, 2017

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Kurram atrocity
Updated 22 Nov, 2024

Kurram atrocity

It would be a monumental mistake for the state to continue ignoring the violence in Kurram.
Persistent grip
22 Nov, 2024

Persistent grip

PAKISTAN has now registered 50 polio cases this year. We all saw it coming and yet there was nothing we could do to...
Green transport
22 Nov, 2024

Green transport

THE government has taken a commendable step by announcing a New Energy Vehicle policy aiming to ensure that by 2030,...
Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...