SBP asks de­pos­i­tors to claim their amounts in com­mer­cial banks

The Pak Banker - - FRONT PAGE - Muham­mad Yasir

State Bank of Pak­istan (SBP) has asked de­pos­i­tors, hav­ing money left un­used for a decade in ac­counts of dif­fer­ent com­mer­cial banks, to claim their amount through cer­tain pro­ce­dure, oth­er­wise it will be trans­ferred to the ac­count of fed­eral gov­ern­ment af­ter a pe­riod of one year. Ac­cord­ing to the in­struc­tion of the cen­tral bank, the un­claimed de­posits in­clude dif­fer­ent fi­nan­cial in­stru­ments such as de­mand draft, de­mand de­posits, time de­posits, pay or­ders held by com­mer­cial banks with their payee but these have not been used since a decade.

the de­posits amount in banks till 2014 is nei­ther on the name of the gov­ern­ment, nor court and nor un­der 18 years trans­feree could be re­claimed through ap­pli­ca­tions and cer­tain process through vis­it­ing branches of dif­fer­ent banks and cen­tral bank's re­gional of­fices. Also, the in­for­ma­tion and ap­pli­ca­tions re­lated to undis­closed amount could be ob­tained through web­sites of SBP and com­mer­cial banks. There are 31 com­mer­cial banks which shared the in­for­ma­tion re­lated to un­claimed de­posits and fi­nan­cial in­stru­ments and their de­pos­i­tors as all Banks/DFIs in Pak­istan are re­quired to sur­ren­der to State Bank of Pak­istan (SBP) all those de­posits which have not been op­er­ated upon dur­ing the pe­riod of last ten years in terms of Sec­tion 31 of Bank­ing Com­pa­nies Or­di­nance, 1962

Banks/DFIs are re­quired to re­port such de­posits to SBP on year end ba­sis and sur­ren­der the same as per SBP in­struc­tions in vogue. Banks/DFIs can lodge their claims with State Bank, on ap­proach­ing them by the claimants.

Banks have pro­vided de­tails in­clud­ing ac­count num­ber, ac­count type eg cur­rent, sav­ing, fixed or any other, amount out­stand­ing, last date of de­posit or with­drawal, name/ad­dress of de­pos­i­tors and na­ture of de­posit per­tain­ing to year end­ing on 2010. The bank-wise list has also iden­ti­fied the bank code, branch names and other rel­e­vant in­for­ma­tion. The in­for­ma­tion pro­vided by the banks to the SBP con­tains se­rial wise data of such un­claimed de­pos­i­tors, who have not car­ried out bank­ing trans­ac­tions dur­ing last 10 years. The banks tried to con­tact such de­pos­i­tors, but they have not re­sponded. In other cases, there was no re­sponse from cus­tomer de­spite sev­eral in­ti­ma­tions and letters/state­ments by the banks. Banks have in­formed the SBP that the ac­count hold­ers are un­trace­able.

The SBP said that all the claimants can ap­ply for re­fund­ing in the bank branch where de­posit/in­stru­ment ac­count was opened/payable. In cases where such branches have been closed/shifted, the near­est branch of the same bank should be con­tacted. Af­ter com­ple­tion of one year from the date of mak­ing the list pub­lic, all un­claimed de­posits/in­stru­ments will cease to be claimable and will be trans­ferred to the gov­ern­ment. Banks/DFIs while for­ward­ing any claim for re­fund to SBP will pro­vide leg­i­ble and duly at­tested, copies of the spec­i­fied doc­u­ments, SBP added.

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