Last Updated on: 10th July 2023, 08:02 am
SBP Waives Debit And Credit Card Transaction Fees For Flood Relief Donations
The State Bank of Pakistan (SBP) has ordered commercial banks, microfinance, and other financial institutions to waive service fees for debit and credit card donations to the Prime Minister’s Flood Relief Cash Program.
The decision was made to help customers deposit funds into the designated account to help their fellow citizens cope with the devastation caused by the ongoing rains and flooding across the country.
In this regard, SBP has decided that all issuing and acquiring banks/microfinance banks/payment schemes operating in Pakistan will not charge transaction-related fees such as Interchange Reimbursement Fee (IRF), ID Fee Merchant Bank Rate (MDR), Merchant ID Fee, Program Fee, Interbank Funds Transfer Fee (IBFT) or any other payment-related fee that may apply to transactions made for donations or first-time aid payments, the circular said.
Also Read: Pakistan Suffers From Ongoing $10 Billion Floods in Country