Supreme Court order not to affect Summit Bank depositors: SBP

Published: July 9, 2018
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SBP says regular operations will not be affected. PHOTO: FILE

SBP says regular operations will not be affected. PHOTO: FILE

KARACHI: In a bid to pacify account holders at Summit Bank, the State Bank of Pakistan (SBP) has said that the Supreme Court order will not affect regular operations of the institution or affect depositors’ money.

The Supreme Court of Pakistan during the proceedings of Human Rights Case No. 39216-G of 2018 has made an order dated July 8, 2018.

“The instructions provided in the order in no way pertain to the regular operations of the Summit bank or affect the depositors money,” stated the central bank in a statement released on Monday night.

SC orders presidents of UBL, Sindh Bank and Summit Bank be placed on ECL

“The said bank is working in a normal manner and meeting its obligations towards depositors. All rumours circulating in the media, particularly social media, about Summit Bank are baseless and misleading. The public in general and depositors of the Summit Bank, in particular, are advised not to pay attention to such rumours.”

The central bank said that it is committed to safeguarding the interest of depositors and ensuring stability of the banking system in the country. Further, it reassured that the country’s banking sector is stable and strong.

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