To facilitate digital payments at the Cattle Markets for the sale of sacrificial animals for the upcoming Eid Ul Adha, the State Bank of Pakistan (SBP) has temporarily enhanced the transaction/balance limit for various categories of accounts from 31st May to 20th June 2024.
The initiative aims to address the issue of significant cash-based transactions that take place during this period by promoting digital channels as a safe and convenient alternative payment mode.
The accounts for which limits have been enhanced include, Branchless Banking L-1, Asaan Account/Asaan Digital Account, and Merchant Account where a maximum balance limit of Rs. 5 million and exemption for balances exceeding usual limits have been afforded for biometrically verified accounts of cattle farmers/merchants and after conducting on-site due diligence.
