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COVID-19: SBP waives service charges on payments to govt’s relief fund

COVID-19: SBP waives service charges on payments to govt’s relief fund

KARACHI: The State Bank of Pakistan (SBP) has instructed not to charge any service fee on donations and payments made to prime minister’s / Provincial Governments’ Relief Fund for Covid19 through Payment Cards.

The SBP on Tuesday said that the Circular No. 06 dated August 28, 2018, on Service Charges on Donations/ Payments to Supreme Court of Pakistan’s Diamer Bhasha and Mohmand Dam Fund through Payment Cards would also cover Payments/Donations made to the Prime Minister’s as well as provincial governments’ Covid19 Pandemic Relief Funds.

Under which all issuing and acquiring banks in Pakistan shall not charge any service fee including Interchange Reimbursement Fee (IRF), Merchant Discount Rate (MDR), Merchant ID Fee, onboarding fee or any other fee that may be applicable on any transactions made to the said account.

The central bank has further instructed the issuing and acquiring banks/microfinance banks/payment schemes to meticulously comply with these instructions.