In a change to its existing policy, State Bank of Pakistan has ordered all banks and other financial service providers to stop charging consumers for providing SMS alerts for transactions or other critical information.
Currently, banks normally charge nearly 100 rupees per month to provide SMS alerts to customers. However, after this change comes into effect in January 2019, customers will be able to avail this service without any charges.
This order is part of a new set of directives released by SBP to counter the wave of cybercrimes against Pakistani banks in the past few weeks. Some other important directives issued by SBP are:
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