SBP issues fresh guidelines on blocking bank accounts

The State Bank has directed all banks not to block customer accounts without a valid legal basis, the approval of the competent authority, and proper verification.

Earlier, the Islamabad High Court has mandated that banks cannot freeze or block accounts without verified, lawful legal justification and due process.

The State Bank submitted a compliance report to the Islamabad High Court in response to the court’s directives.

Justice Arbab Muhammad Tahir had instructed the central bank to establish an internal mechanism and issue appropriate guidelines to banks.

According to the report submitted to the court, the State Bank also directed banks to ensure that account holders do not suffer due to inadvertent or precautionary restrictions imposed on their accounts.

In compliance with the court’s order, the State Bank has issued fresh instructions to banks across the country.

The central bank further said that banks may develop appropriate internal mechanisms to ensure full implementation of these directives.

SBP shares updates on new currency notes

The State Bank of Pakistan (SBP) has confirmed key progress regarding the design of new currency notes, stating that the government has returned the proposed designs for revisions. According to SBP Governor Jameel Ahmad, the revised designs will be modified and resubmitted for approval. He added that printing of the new currency notes will begin only after clearance from the federal cabinet, although the central bank is fully prepared to proceed. The governor also noted that ongoing geopolitical tensions in the Middle East could have implications for Pakistan’s economy, including potential upward pressure on inflation. He further stated that external debt […]

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