All banks, commercial, microfinance and Development Finance Institutions (DFI) are directed by the State Bank of Pakistan for biometric verification of the customer’s bank accounts. Individual, business-owned, corporate bank account will not be re-verified biometrically.
This whole drive will start in phases according to different categories of customers and their accounts and it will end by 30th June 2019. All over Pakistan, in all branches and sub-branches of the banks, all accounts will be verified.
Due to ever-growing incidences of fake bank accounts, the decision has been taken to re-verify the accounts and find out about any suspicious transactions.
A schedule has been decided by the State Bank for different categories of bank accounts.
Here is the schedule
All banks are asked to make sure that they identify and verify each customer’s bank accounts. It must be ensured that the transactions conducted in the bank accounts match the bank’s knowledge of the customer, business and fund sources.
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