The State Bank of Pakistan has removed the minimum limit of P2P transactions through the Raast Payment System with effect from April 01, 2022.
The banking regulator allowed financial institutions to set a limit for their customers based on their risk profile in compliance with the relevant AML/CFT requirements.
It defined a minimum limit of customer transactions for Raast payments at Rs. 200,000 per transaction or the transaction limits applicable as per the account type and prescribed by SBP from time to time.
The aggregate customer limit assigned to Raast payments shall not be less than the Interbank Fund Transfer (IBFT) limit.
The aggregate limit shall be communicated to the customers and the available transaction limit shall be shown in their mobile apps/internet banking portals.
Banks/MFBs/EMIs shall ensure that the above mentioned technologies, as well as operational arrangements and readiness, are in place not later than March 21, 2022.
Banks/MFBs/EMIs shall ensure strict compliance with the previous instructions by providing their customers with the option to increase or decrease the transaction limits by using their mobile apps/internet banking portals, no later than April 10, 2022.
It is reiterated that Banks/MFBs/EMIs shall put in place robust internal controls and strong risk mitigants to prevent fraudulent activities, misuse/abuse of the transaction limits, and risks related to the safety and security of the Raast system at their end.
Raast Participant Banks (banks) shall make the service available on at least 3 channels i.e. mobile apps, internet banking portals, and over their branch counters within the timelines earlier provided by SBP.
Funds successfully transferred through Raast should be credited into the recipients’ accounts within 20 seconds of receiving the credit advice from Raast System. The successful transaction should be reflected in the account statements of both the sender and receiver within this time period and the customers should receive credit/debit confirmation advice on their registered cellphones, email addresses, and via in-app notifications, where available. The credit/debit advice shall clearly mention all the relevant details including the name of the counterparty and Raast Mode of payment.
In case a transaction is rejected, the sending customers shall receive rejection advice on their registered cellphones, email addresses, and via in-app notifications where available, clearly mentioning the reason for rejection. Transactions performed through Raast shall either be credited into the recipient’s account or rejected, and in no case the sending/receiving banks are allowed to hold customer funds into their own accounts.