New bank account: SBP eases initial requirements

to open accounts on the basis of National Database and Registration Authority’s token in case of expired (CNICs)

KARACHI: The State Bank of Pakistan (SBP) has allowed banks and development finance institutions (DFIs) to open accounts on the basis of National Database and Registration Authority’s token in case of expired computerised national identity cards (CNICs), an SBP statement said on Monday. It said that to facilitate the general public, it had been decided to allow the opening of bank accounts on the basis of attested copies of National Database and Registration Authority token and expired CNIC provided that all other requirements of account opening under Prudential Regulation M-1 were complied with. However, it said that banks/DFIs would obtain copies of renewed CNICs of such customers within three months of the opening of accounts. It advised banks/DFIs to make use of system alerts and regularise bank accounts of their customers whose CNICs  expired during the course of their banking relationship.

Published in The Express Tribune, August 30^th,  2011.