Independent desk.
Islamabad, August 30, – The Senate Standing Committee on Finance has approved a plan by the State Bank of Pakistan to reactivate dormant bank accounts. According to the committee, over 1.4 million bank accounts belonging to Pakistani citizens have been dormant for years, with a total of Rs 97 billion stuck in these accounts.
The accounts were declared dormant after the account holders failed to use them for a specified period, following which the funds were transferred to the State Bank. However, many account holders have been unable to reactivate their accounts even after 10-15 years.
The committee’s approval of the State Bank’s proposal is expected to provide relief to these account holders and help them access their funds. The plan aims to facilitate the account holders in reactivating their accounts and withdrawing their money.
The Senate committee was informed that account holders are sent three notices before their funds are transferred to the State Bank. Despite this, many account holders have been unable to reactivate their accounts, and the committee’s approval is seen as a step towards resolving this issue.
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