The State Bank of Pakistan (SBP) announced temporary increases to transaction and balance limits for specific accounts to promote digital payments in cattle markets during Eid Ul Adha. This initiative, running from May 31st to June 20th, 2024, aims to reduce reliance on cash for sacrificial animal purchases.
Branchless Banking Level 1, Asaan Account/Asaan Digital Account, and Merchant Accounts will benefit from these increased limits. Biometrically verified accounts belonging to cattle farmers and merchants will have a maximum balance limit of Rs. 5 million under this temporary measure. Additionally, exceeding the regular limits won’t be penalized after on-site due diligence is conducted.
By encouraging the use of digital channels for payments, the SBP hopes to offer a safer and more convenient alternative to cash during Eid Ul Adha. Facilitating digital transactions in cattle markets aims to streamline the process and promote financial inclusion for both cattle farmers and merchants.
This temporary boost aligns with Pakistan’s ongoing efforts to modernize its payment systems and transition towards a more digital economy.