In collaboration with the Pakistan Remittance Initiative (PRI), State Bank of Pakistan (SBP) has launched an “Asaan Remittance Account” for supporting the people who receive their settlements in Pakistan.
According to the press release of the State Bank of Pakistan, the account would be opened by all the banks and with easy procedures.
The aim of the launch of these accounts is to promote the opening of these accounts for getting the home transfers via proper accounts instead of the outdated ways of cash over the counter dealings.
These accounts would be limited and would only be for the recipients of home remittances. The recipients of the payments and their family members are eligible for opening these accounts at bank branches or by the bank’s permanent employee after paying a visit to the customer’s place.
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Only individuals can open these accounts in the bank branches by filling an only one-page simple account opening form (electronic form/paper-based) in Pakistani rupee providing just the basic customer details.
The controls specified for the “Asaan Account” launched in 2015 by SBP would be applicable for the opening of the account Asaan Remittance including customer due diligence and other such controls.
Additionally, the account opening form must also have the International Bank Account Number (IBAN) of the Asaan Remittance Account and the names of all the prospective recipients mentioning the relationship they hold with the account holder.
The maximum credit balance limit is of rupees two million, the cash withdrawal limit is of rupees fifty thousand and the fund transfer limit is of rupees fifty thousand per day, has been prescribed for these accounts.
The State Bank of Pakistan hopes that this facility would be helpful in achieving financial enclosure goals set out under the National Financial Inclusion Strategy (NFIS) and would give ideal framework leading the limited mandate accounts and facilities being provided by the microfinance and commercial banks.