ISLAMABAD(National Times)- Pakistani banks have been accused of charging Rs3.40 per SMS from customers. With billions being milked from ordinary users and paying telecoms even more, senators are questioning why a two-paisa message now costs Rs3.40.

Senate Finance Committee raised question that banks are charging customers Rs3.40 per SMS, up from just 42 paisa in 2021. The committee heard heated arguments as bank and telecom representatives blamed each other for the skyrocketing SMS charges.

Standing Committee on Finance now demanded one year’s complete data on SMS charges collected from consumers to get to the bottom of this massive overcharging.

According to bank representatives, banks cannot act unless telecom companies reduce SMS fees. Deputy Governor of the State Bank, Inayat Hussain, revealed that banks are raking in Rs. 18.7 billion annually from customers just for SMS fees, while Rs. 25.6 billion are paid to telecom companies.

Senator Abdul Qadir slammed practice, saying, “Banks are earning Rs400 billion in annual profits. Even if they pay Rs. 7 billion, it’s nothing. But why are they selling a two-paisa SMS for three hundred paisa?”

Senator Anusha Rehman exposed the shocking reality: the actual cost of one SMS for telecom companies is only 1–2 paisa, yet banks are making massive profits on top of that.

Committee Chairman Saleem Mandviwala announced that once the requested one-year SMS charge data is received, the government will determine the true cost of SMS and hold banks accountable for overcharging customers.