- July 30, 2026
- Posted by: Tresmark
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Commercial banks are bearing an estimated PKR 80 billion annually under the Pakistan Remittance Initiative (PRI), with no government funding allocated for the scheme in the current fiscal year, the State Bank of Pakistan (SBP) informed the Senate Standing Committee on Finance and Revenue.
During the meeting chaired by Saleem Mandviwalla, SBP Governor Jameel Ahmad said banks will continue to absorb the costs of the remittance initiative, while overseas Pakistanis will not face additional charges for sending money home.
The committee also reviewed banking service charges, with the SBP clarifying that SMS alerts are optional and subject to customer consent. Banks are increasingly offering app-based and email notifications as alternative alert channels.
Responding to concerns over card payments, the governor said Visa card transactions conducted within Pakistan will not be charged in US dollars.
Committee members welcomed the reforms introduced under the Pakistan Remittance Initiative, noting that they have generated annual savings of around PKR 80 billion. With no budgetary allocation for the programme this year, the banking sector will continue to bear the associated costs.
