It has been learned that local banks are not sending alerts for digital transactions to their customers as per the directives issued by the State Bank of Pakistan (SBP).
The central bank issued a circular on Monday highlighting that banks are shirking the instructions to send SMS and email alerts to customers for both domestic and international digital transactions. It added that this negligence has led to compliance and related issues for fund senders and receivers.
The SBP mentioned that customers did not get one-time passwords (OTPs) via SMS/email alerts on time in some cases, which hampered the transactions.
It had previously encouraged banks and Micro Finance Banks to provide clients free transaction notifications through SMS and email for all their international and domestic digital transactions, which essentially included but was not limited to ATMs, POS terminals, and Internet banking transactions. It was also said that such transaction alerts would be generated and sent to customers promptly after the transaction was completed.
