KARACHI: The State Bank of Pakistan (SBP) has asked commercial banks and Development Financial Institutions (DFIs) to allow credit entries in the dormant accounts of their customers.
The move came in line with the amendment in the Prudential Regulation M-1 for corporate/commercial banking vide SBP’s circular (BPRD Circular Letter No. 07) on March 9 last year. “For customers/clients whose accounts are either dormant as per bank’s own policy or an attested copy of account holder’s Computerized National Identity Card (CNIC) is not available in bank’s/DFI’s record, bank/DFIs may allow credit entries in such accounts,” an SBP circular quoted the substituted paragraph 7(a) of Prudential Regulation M-1 as saying on Wednesday. The SBP BPRD circular letter no. 32 said that any debit transactions or withdrawals should not be allowed until the account holder produces an attested copy of his/her CNIC and fulfills all other formalities for activation of the account. However, it said, transactions such as debits under the recovery of loans and markup, any permissible bank charges, government duties or levies and instructions issued under any law or from the court would not be subject to debit or withdrawal restriction.
SBP asks banks to allow credit entries in dormant accounts
