KARACHI - State Bank of Pakistan (SBP), in collaboration with Pakistan Remittance Initiative (PRI), Wednesday launched ‘Asaan Remittance Account’ to be opened by banks with simplified procedures.

This initiative was taken in line with its efforts to enhance outreach of basic financial services to unbanked or underserved segment of the population, said a SBP press release on Wednesday. The objective of this initiative is to encourage opening of these accounts for receiving home remittances through proper accounts instead of traditional cash over the counter transactions. This category of limited mandate accounts is designed for beneficiaries of home remittances and will be fed with the proceeds of home remittances only. The prospective recipients and their family members (beneficiaries of home remittances) can open these accounts at banks branches or by bank’s permanent staff/ employee after visiting customers’ places.

Only individuals can open these accounts with a simple and one page account opening form (paper based/ electronic form) in Pak Rupee with basic customer information. The customer due diligence and other controls specified for ‘Asaan Account’ that was earlier launched by SBP in 2015 shall be applicable for opening of Asaan Remittance Account. In addition, the account opening form should have International Bank Account Number (IBAN) of the Asaan Remittance Account and names of prospective remitter(s) stating relationship with the account holder as well. A maximum credit balance limit of Rs. 2.0 million, cash withdrawal limit of Rs50,000 per day and fund transfer limit of Rs50,000 per day has been set for these accounts.