SBP allows ‘mentally disordered persons’ to open bank accounts

SBP has allowed “mentally disordered persons” to open a bank account. Source: WeCapable

KARACHI: State Bank of Pakistan (SBP) has allowed “mentally disordered persons” to open a bank account for the first time.

According to a statement, the process has been devised after thorough consultation with stakeholders. Now, for the first time in Pakistan, mentally disordered persons will be able to open a bank account under a new category of customers account namely “mentally disordered person account” introduced by SBP in its AML/CFT/CPF regulations.

The central bank has advised all banks to facilitate mentally disordered persons by allowing them to open and maintain a bank account with the help of a court appointed manager as per the applicable laws related to mental health.

It added the account opening process will include presentation of valid identity documents and biometric verification through NADRA of mentally disordered person and court appointed manager. The bank will verify certified true copy of court order to ensure authenticity of the appointed manager.

The central bank has earlier taken several measures and initiatives in consultation with banking industry for persons with disabilities like giving special consideration for their employment and improvement in accessibility infrastructure such as ramps and wheelchair facilities in their branches.

It has also provided subsidized financial facilities and credit guarantee schemes for differently-abled persons to improve financial inclusion in the country.

It said the current step along-with a new comprehensive financial inclusion policy for Persons with Disabilities to be unveiled shortly and will pave way for universal financial inclusion of marginalized segments.

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