SBP bars banks from receiving service charges on flood donations

News Image

By MG News | September 05, 2022 at 02:50 PM GMT+05:00

0:00

September 05, 2022: The State Bank of Pakistan (SBP) has barred banks of charging any service charges on donations to Prime Minister Flood Relief Fund 2022.

The central bank’s Payment System Department through a circular letter directed all the issuing and acquiring banks, micro-finance banks and other payment schemes operating in Pakistan to meticulously comply with the instructions and not charge any transaction-related charges.

The PSPOD circular letter stated that it has been decided that 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 2022 would not be charged.

Earlier in August, the SBP had set up the Prime Minister Relief fund 2022 for helping the population affected by torrential rains and floods across the country and advised all banks to collect funds under the PM fund.

In a separate letter, the banks were advised to take measures for awareness and facilitation of donors as well.

APP

Related News

Name Price/Vol %Chg/NChg
KSE100 127,423.72
94.60M
1.43%
1796.41
ALLSHR 79,343.11
283.86M
0.97%
758.40
KSE30 38,770.36
22.18M
1.62%
616.57
KMI30 186,305.21
30.98M
0.77%
1418.71
KMIALLSHR 54,095.25
148.07M
0.62%
331.45
BKTi 32,499.04
25.37M
1.81%
577.36
OGTi 27,788.39
1.24M
0.05%
14.40
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 107,295.00 108,105.00
107,295.00
-940.00
-0.87%
BRENT CRUDE 66.46 66.63
66.34
-0.28
-0.42%
RICHARDS BAY COAL MONTHLY 97.00 97.00
97.00
1.05
1.09%
ROTTERDAM COAL MONTHLY 107.65 107.65
105.85
1.25
1.17%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 64.80 65.02
64.67
-0.31
-0.48%
SUGAR #11 WORLD 16.19 16.74
16.14
-0.52
-3.11%

Chart of the Day


Latest News
July 01, 2025 at 09:56 AM GMT+05:00

PSX Opening Bell: Green and Growing


July 01, 2025 at 09:30 AM GMT+05:00

Asia markets mixed amid tariff uncertainty


July 01, 2025 at 06:00 AM GMT+05:00

MG Morning Breeze: Updates to Skim before Market



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg