Banks are not Complying with Transaction Alerts Rules

The State Bank of Pakistan has directed the banks to ensure timely transmission of transaction alerts. The SBP expressed displeasure that the instructions regarding SMS and email for international and domestic digital transactions were not being complied with by the banks.

The central bank in its notification of November 2018, directed the banks and microfinance banks (MFBs) to send free-of-cost transaction alerts to their customers through both SMS and email for all international and domestic digital transactions including but not limited to ATMs, POS terminals, and internet banking transactions.

Problems being faced by the customers due to late transmission of transaction alerts

The SBP said that it was observed that the instructions were not being meticulously complied with and customers did not receive SMS alerts immediately despite posting of transactions in their accounts, causing difficulty for sender and receiver of funds. Likewise, customers also did not receive their one-time passwords (OTPs) via SMS on time due to which they faced difficulty in completing their transactions.

Banks/MFBs are henceforth advised to ensure that all OTPs, as well as SMS alerts for financial transactions, are generated and sent immediately after customers’ accounts are either debited or credited. In addition, customers will also receive the credit/debit confirmation advice through email and in-app notifications (depending on availability). The instructions are applicable with immediate effect and failure to comply with the above instructions will lead to penal action by the SBP.

Read more: Digital Era: SBP Introduces Digital Banking Framework

NADRA to accept digital payments for services

The National Database and Registration Authority (Nadra) in collaboration with JazzCash and EasyPaisa has introduced the facility of accepting digital payments for its services at all Nadra registration centers. Citizens can now digitally pay the fee for processing ID cards and other identity documents through their JazzCash/EasyPaisa app.

Source: DAWN


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