SBP Removes Charges on Debit, Credit Card Transactions for Flood Relief Donations

State Bank of Pakistan (SBP) has directed commercial, microfinance banks, and other financial institutions to waive off services charges on the donations made through debit and credit cards to Prime Minister Flood Relief Fund. The decision was taken to facilitate customers depositing funds in the designated account for helping fellow citizens facing devastation caused by ongoing rains and floods across the country. In this regard, SBP has decided that all issuing and acquiring banks/microfinance banks/payment schemes operating in Pakistan shall not charge any transaction-related charges like Interchange Reimbursement Fee (IRF), Merchant Discount Rate (MDR), Merchant ID Fee, Scheme Fee, Inter Bank Fund Transfer (IBFT) Fee, or any other payment related fee that may be applicable on transactions made for donations or payments to Prime Minister Relief Fund, the circular said.