SBP waives verification fee for students studying abroad

KARACHI: The State Bank of Pakistan (SBP) has advised commercial banks not to charge any processing fee for verification of accounts and statements submitted by students who are desirous of proceeding for studies abroad.

According to a circular issued here on Monday, commercial banks have been advised to expedite the verification process. Banks have also been asked to appoint designated coordinators in Islamabad, Lahore and Karachi, duly authorised to facilitate the process of requests of verification of bank account/ statement expeditiously received from foreign missions, embassies or high commissions and any other relevant office for visa purpose.

Banks have also been asked to provide names and contact details of nominated persons to the SBP within 15 days for onward transmission to the Ministry of Youth Affairs. The circular said that the process of verification shall be made only in writing .

Published in the Express Tribune, May 18th,  2010.