SBP Allows Bank Account opening for mentally disabled

June 9, 2021

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The State Bank of Pakistan has provided major facilitation to mentally disabled people by allowing them to open a bank account through a well-defined account opening process.

The account opening process for such people has been crafted after careful consideration with all stakeholders. For the first time in Pakistan, Mentally disabled people can now open a bank account in a new category of customer accounts “mentally disordered
personal account ”introduced by SBP in its AML / CFT / CPF regulations.

The state bank has recommended all the banks to allow open and maintain a bank account of Mentally disabled with the assistance of a court designated manager in accordance with applicable mental health laws.

The Account opening process will include the submission of valid identity documents and biometric verification by NADRA of the person and Court-appointed Manager. In addition, the bank will also verify a true copy of the court order to ensure the authenticity of the designated Manager.

It must meet all CDD requirements complete for both persons to comply with AML / CFT / CPF regulations. SBP has already taken several steps and initiatives with the banking industry for people with disabilities, such as special consideration for their work and improving accessibility infrastructures such as ramps and wheelchair facilities in their branches. SBP also able to use subsidized funds and credit guarantee schemes for various functions people All these measures are implemented under the broader goal of financial improvement national integration.

Existing SBP measures include a new comprehensive financial integration policy for people with disabilities It will soon be announced that the SBP will pave the way for general financial integration with marginalized segments.