Tuesday, August 16, 2022

First time, SBP allowing mentally disable person to open bank account

The SBP (State Bank of Pakistan) announced on Wednesday that a mentally disabled person could open a bank account through a court-appointed manager for the first time in the country’s history.

“The State Bank has advised all banks to facilitate people with mental disorders by allowing them to open and maintain a bank account with the help of a court-appointed manager in accordance with applicable laws relating to mental health,” said the communicated.

SBP said the “well-defined” process for opening the account was drawn up after in-depth discussions with stakeholders. The process includes submission of valid identity documents and biometric verification of the person and court-appointed administrator through the National Database and Registration Authority (NADRA).

The bank would also verify the court order to determine the authenticity of the appointed manager, the press release said, adding that “All CDD (customer due diligence) requirements must be met for both persons to comply with AML / CFT / CPF regulations .”

The SBP said that a new comprehensive financial inclusion policy for people with disabilities would soon be unveiled, which along with the “Person with Mental Disorders account”, “would pave the way for universal financial inclusion including those from marginalized segments”.

“The SBP has also made available subsidized financial facilities and credit guarantee schemes for people with disabilities. All of these measures are being taken with the broader objective of improving financial inclusion in the country,” the statement added.

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