Pakistan Cards: Banks cannot collect service charges
SBP asks banks for uninterrupted ATM services in flood-hit areas.
KARACHI:
The State Bank of Pakistan (SBP) has asked banks not to collect any service charges on use of Pakistan Cards in flood-hit districts of Sindh.
In a circular issued on Friday, the SBP recalled Pakistan Cards had been issued to flood-stricken people of various districts of Sindh through Habib Bank and United Bank for withdrawal of cash through their ATMs.
However, due to large number of people holding these cards, the ATMs of the two banks were inadequate to cater to their cash requirements, it said and asked banks to make special arrangements to ensure uninterrupted ATM services in all those districts which had been declared flood-affected by the National Disaster Management Authority (NDMA).
“To facilitate people and alleviate their sufferings, banks having ATMs in the affected districts are advised to make special arrangements to ensure that their ATMs are operational and cash is replenished in a timely manner,” the SBP said.
The central bank warned that its inspection teams would conduct surprise checks to assess compliance with these instructions and any failure would lead to application of penal provisions of relevant laws.
Published in The Express Tribune, October 8th, 2011.
The State Bank of Pakistan (SBP) has asked banks not to collect any service charges on use of Pakistan Cards in flood-hit districts of Sindh.
In a circular issued on Friday, the SBP recalled Pakistan Cards had been issued to flood-stricken people of various districts of Sindh through Habib Bank and United Bank for withdrawal of cash through their ATMs.
However, due to large number of people holding these cards, the ATMs of the two banks were inadequate to cater to their cash requirements, it said and asked banks to make special arrangements to ensure uninterrupted ATM services in all those districts which had been declared flood-affected by the National Disaster Management Authority (NDMA).
“To facilitate people and alleviate their sufferings, banks having ATMs in the affected districts are advised to make special arrangements to ensure that their ATMs are operational and cash is replenished in a timely manner,” the SBP said.
The central bank warned that its inspection teams would conduct surprise checks to assess compliance with these instructions and any failure would lead to application of penal provisions of relevant laws.
Published in The Express Tribune, October 8th, 2011.