Payment Systems Policy and Oversight Department (PSP&OD) of State Bank of Pakistan (SBP) vide their circular letter issued on November 22, 2023 advised all regulated entities to implement the standardized purpose list for domestic electronic fund transfer. The circular mentions: At present, all Regulated Entities (REs) providing EFT facility have in place their own list of purposes for the customers to choose from while conducting transactions through internet and/or mobile banking channels. In order to streamline the list of purposes and provide convenience to the customers, a standardized list has been prepared after consultation with the banking industry. All REs are advised to implement the standardized list of purposes (as enclosed in Annexure-A) and make necessary changes in their digital applications (internet and/or mobile banking), if any, by December 31, 2023. All other instructions on the subject shall remain same. https://shorturl.at/hzDKN
Source: IBP