KARACHI, Dec 22: The State Bank of Pakistan has directed banks to stop debit transactions/withdrawals of all those account holders, who have failed to submit an attested photo copy of their computerised national identity cards (CNIC) in the concerned bank branch or accounts have been dormant for other reasons.

However, transactions regarding recovery of loans and mark up etc., any permissible bank charges, government duties or levies and any debit transaction instructed under any law or from a court of law will be allowed, said a circular issued by SBP here on Wednesday.

SBP has clarified that the banks can allow credit entries in such accounts, which are dormant as per bank's own policy or for non-submission of CNICs by the account holders.

For this purpose, SBP has amended para (7) of Prudential Regulation M-1 for Corporate /Commercial Banking vide circular No 7 dated March 9, 2009. —APP

Opinion

Poll language
17 Apr 2021

Poll language

There is a distinction between angry rhetoric and the language of the gutter.
Exempt from accountability?
Updated 17 Apr 2021

Exempt from accountability?

PM Khan has done a disservice to Pakistan by exempting certain institutions from performance requirements.
Education disrupted
Updated 16 Apr 2021

Education disrupted

The cost of not doing anything about them in terms of learning losses and dropouts are going to be very large.

Editorial

17 Apr 2021

Pak-India mediation

QUESTIONS had been swirling about what and who has prompted the latest detente between Pakistan and India. Now, it...
17 Apr 2021

Energy exploration

SOME exploration and production companies want the government to prioritise offshore exploration — a high-risk...
17 Apr 2021

Professor’s removal

IN a step that will go far in sending a message of reassurance to female students and academic staff in ...
Ban is no answer
Updated 16 Apr 2021

Ban is no answer

The ban will not dilute the narrative that fuels the party, it may even fan it.
16 Apr 2021

Slow recovery

THE pace of growth in large-scale manufacturing output continues to slow down, with LSM production contracting by...
16 Apr 2021

Ramazan profiteering

WITH the month of Ramazan underway, people have begun to feel the effects of galloping inflation even more. Prices...