The State Bank of Pakistan (SBP) on Wednesday instructed all banks to provide a set of minimum services on internet banking (IB) and mobile banking (MB) channels to encourage the use of digital modes.

“All banks should provide a minimum set of services on their IB and MB channels including bill payments, funds transfer, beneficiary management, limit management, credit and debit card management, stop cheque payment, etc [means a customer can ask his or her bank to stop payment on any cheque which he or she considers not required for making payment],” the SBP said in a circular.

“To encourage the use of the internet and mobile banking services by their customers, banks will not levy any activation, subscription or annual charges on their customers for using such services,” the SBP said in a statement.

It is worth recalling that since March 20, banks have also waived all charges for customers using online fund transfer services, including Intra and Interbank Fund Transfers (IBFT).