Account verification

A large number of fictitious bank accounts have been uncovered by the FIA. Billions of rupees have been recovered from bank accounts of different people who had no idea about the accounts operating in their name and the money in it. After these incidents, the SBP directed banks to make biometric verification compulsory for all account holders.

Some years ago, the PTA started a mechanism in which every citizen can check how many SIM cards are registered in his name. The same mechanism should be introduced by the SBP so that citizens can see how many accounts are running in their name and can notify the authorities of discrepancies, if any. This will ease the work of the SBP as well as other government financial institutions.

M Hammad Rafique

Karachi