KARACHI, Oct 11: The State Bank of Pakistan has facilitated the earthquake affected citizens in Kashmir who are unable to maintain minimum amount required to keep their accounts operative in commercial banks.

The Earthquake Reconstructions and Rehabilitation Authority (ERRA) has informed the State Bank that they are facing problems in the disbursement of housing subsidy to the Earthquake victims in Northern areas as banks have closed many of the accounts due to non-maintenance of minimum balance requirements.

The ERRA is receiving back the cheques of housing subsidy instead of being credited to the accounts of beneficiary earthquake victims.

“In order to facilitate the disbursement of housing subsidy to earthquake victims, it has been decided that the banks will not impose any minimum balance requirement for maintenance of bank accounts in the earthquake affected areas, for a period of one year from the issuance of this circular,” said a SBP circular issued here on Saturday.