SBP allows credit in dormant accounts
December 23, 2010
KARACHI: The State Bank of Pakistan (SBP) on Wednesday advised banks and development finance institutions (DFIs) to allow credit entries in those accounts, which are either dormant as per the bank’s own policy or an attested copy of account holder’s computerised national identity card (CNIC) is not available.
The central bank amended Regulations M-1 (Customer Due Diligence) through a circular, which said that for customers whose accounts remain dormant as per the bank’s own policy or an attested copy of account holder’s CNIC not available in bank/DFIs record, bank/DFIs may allow credit entries in such accounts.
Earlier, the SBP restricted the operation in such accounts for compliance of mandatory requirement of CNIC for operation.
The amended regulations said that debit transactions and withdrawal would not be allowed until the accountholder produces an attested copy of his/her CNIC and fulfills all other formalities for activation of the account.
The central bank amended Regulations M-1 (Customer Due Diligence) through a circular, which said that for customers whose accounts remain dormant as per the bank’s own policy or an attested copy of account holder’s CNIC not available in bank/DFIs record, bank/DFIs may allow credit entries in such accounts.
Earlier, the SBP restricted the operation in such accounts for compliance of mandatory requirement of CNIC for operation.
The amended regulations said that debit transactions and withdrawal would not be allowed until the accountholder produces an attested copy of his/her CNIC and fulfills all other formalities for activation of the account.
