Banks Start Blocking Unverified Accounts - Android

Commercial banks have initiated the drive to block unverified bank accounts maintained by their branches for several years, bankers informed… Read More

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Commercial banks have initiated the drive to block unverified bank accounts maintained by their branches for several years, bankers informed ProPakistani.

The exercise began after the conclusion of the biometric verification of bank accounts over the past seven months.

According to the bankers, the unverified bank accounts have been blocked from debited which means the withdrawal of money is no longer possible. Such accounts are restored after biometric verification, which is still possible at bank branches as a regular practice.

Banks were not asked to block bank accounts which remained unverified through NADRA biometric process however banks have to block or monitor suspicious transactions and bank accounts.

The central bank did not issue any instructions to block the accounts after the deadline but banks are likely to take corrective measures in order to comply with the rules and regulations for maintaining customers’ bank accounts.

SBP will review the process of biometric verification of bank accounts and will penalize banking companies which maintain accounts could be considered illegal, fake, unverified, or unnamed.

Banks accounts without biometric verification, or those belonging to overseas residents, patients, joint-account holders, deceased or accounts lacking supporting documents such as a source of income or CNIC can also be restored after completing the required documentation and biometric verification by their holders.

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