The State Bank has directed all banks across the country not to block customers’ accounts without a legal reason, approval from the competent authority, and proper verification.
According to the State Bank, a compliance report has been submitted to the Islamabad High Court in implementation of the court’s orders.
Justice Arbab Muhammad Tahir had directed the State Bank to establish an internal mechanism and issue necessary instructions to banks.
In the report submitted to the court, the State Bank also instructed banks to ensure that account holders do not suffer due to unintentional or precautionary restrictions placed on their bank accounts.
Following the court’s directions, the State Bank has issued a new set of guidelines to banks across Pakistan.
The central bank stated that banks may also develop appropriate internal mechanisms to ensure full implementation of these instructions.