SBP Opens Single Account for Prime Minister’s Relief Fund Donations

The State Bank of Pakistan (SBP) announced that donations for the Prime Minister’s Relief Fund for Flood, Earthquake, and Other Calamities can now be deposited into a single account, with all banks instructed to accept contributions through cash, cheques, and digital banking channels. “To facilitate donors, a single account has been opened in the SBP vide IBAN: PK69FGPM0024632999990624 for collection of donations to the Fund,” the central bank stated in a circular. All commercial and microfinance banks across Pakistan have been directed to accept donations in cash or cheques at their branches and credit them to the designated IBAN account. Banks have also been instructed to enable internet banking, mobile banking apps, and mobile wallet apps for seamless collection of donations. The SBP clarified that donors can make contributions in cash at any bank branch, which will transfer the collected amounts to the IBAN account via Raast or real-time gross settlement. Donations can also be made at any field office of the SBP Banking Services Corporation. “For cheque donations, donors may drop crossed cheques in the name of the Fund in their respective bank’s drop box,” the SBP said. “All banks shall provide drop-box facilities at selected branches, debit the customer’s account, and transfer the donation through Raast.” The central bank further mandated that all banks must offer the option to collect donations through IBAN on their internet banking platforms, mobile apps, and mobile wallets. Overseas Pakistanis can contribute to the fund via wire transfers or through money service bureaus, money transfer operators, or exchange houses, the SBP added.