SBP allows banks, DFIs to open accounts with renewed CNICs

KARACHI: The State Bank of Pakistan (SBP) has allowed the banks and Development Finance Institutions (DFIs) to open accounts on the basis of National Database and Registration Authority's (NADRA) receipt/token in case of expired Computerized National Identity Cards (CNICs).

With a view to facilitating the general public, it has been decided to allow the opening of account on the basis of attested copies of NADRA receipt/token and expired CNIC, provided all other requirements of account opening under Prudential Regulation M-1 are complied with, says BPRD Circular Letter No.20 of August 29, 2011.

However, banks/DFIs will obtain copies of renewed CNICs of such customers within three months of opening of accounts, the circular letter said, adding that for CNICs which expire during the course of the customer's banking relationship, banks/DFIs are advised to make use of system alerts and regularize their accounts as already advised.

Copyright APP (Associated Press of Pakistan), 2011