Banks and DFIs may be penalised for not supplying accounts statements

The State Bank on Tuesday threatened to penalise banks and development finance institutions (DFIs) if they failed to dispatch the statement of accounts to their customers.
The State Bank issued a circular saying that it has been noted that some of the banks are not dispatching the statement of accounts to their customers having balances of less than Rs 10,000 on the plea that the previous related circular does not require the same.
The banks were advised to dispatch the statement of accounts pertaining to current as well as PLS accounts periodically to their customers.
"In this regard, it is clarified that all banks are required to invariably send the statements of accounts periodically, at least semi-annually, to all of their account holders irrespective of the balances in their accounts," said the circular.
"Non compliance of the above would attract penal action under the provisions of the Banking Companies Ordinance, 1962," said the circular.