KARACHI: State Bank of Pakistan (SBP) has directed the banks not to block bank accounts without any legal reason, approval of competent authority and verification. The SBP has issued new directives to banks across the country under court’s orders that no harm is caused to the account holders even through unintentional and precautionary restrictions. As per SBP orders it should be ensured that any debt block , operational restrictions or account freezing measure is imposed on any bank account according to law. Action with reference to any citizen’s bank account can only be taken after establishing clear legal authority and completing appropriate verification. Banks can evolve proper inner mechanism for complete implementation of directives and prevent unauthorized restrictions. Online
