Banks allowed opening accounts

State Bank of PakistanKARACHI: The State Bank of Pakistan (SBP) has allowed 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 Computerised 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, said BPRD circular letter No 20 of August 29, 2011. However, banks/DFIs will have obtain copies of renewed CNICs of such customers within three months of the opening of accounts, the circular letter said, adding 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. staff report – Dailytimes