According to the spokesperson of State Bank, the aim of this initiative is to make digital payments in cattle markets safe and convenient.
In order to facilitate digital payments in cattle markets for the purchase of sacrificial animals for Eid-ul-Adha, State Bank has temporarily increased the transaction/balance limit for various categories of accounts from 31 May to 20 June 2024. .
According to the State Bank spokesperson, the initiative aims to address the issue of significant cash-based transactions during this period by promoting digital channels as a safe and convenient alternative payment mode.
Accounts for which the limits have been increased include Branchless Banking L One, Asan Account/ Asan Digital Account and merchant accounts with a maximum balance limit of Rs 5 million, besides farmers after biometric verification. And an exemption has been given to the usual limit for traders.
