SBP new direction for banks to block customer accounts in Pakistan - Pakistan Observer

State Bank bars banks from freezing accounts without legal authority

ISLAMABAD: The State Bank of Pakistan (SBP) has instructed banks across the country not to freeze or restrict bank accounts without legal authority and proper approval, issuing fresh guidelines in compliance with an order of the Islamabad High Court (IHC). According to the central bank's directive, banks must ensure that any debit block, operational restriction or account freeze is imposed strictly in accordance with the law and only after obtai…

SBP issues fresh guidelines on blocking bank accounts

The State Bank has directed all banks not to block customer accounts without a valid legal basis, the approval of the competent authority, and proper verification. Earlier, the Islamabad High Court has mandated that banks cannot freeze or block accounts without verified, lawful legal justification and due process. The State Bank submitted a compliance report to the Islamabad High Court in response to the court’s directives. Justice Arbab Muhamma…

SBP new direction for banks to block customer accounts in Pakistan - Pakistan Observer

ISLAMABAD – The State Bank of Pakistan (SBP) has directed all commercial banks not to block customers’ bank accounts without a valid legal basis, approval from a competent authority, and proper verification, in compliance with directions issued by the Islamabad High Court (IHC). The State Bank of Pakistan has issued fresh instructions to banks across the country, making it clear that customer accounts cannot be blocked arbitrarily or without ful…

SBP New Instructions for Banks Bar Unjustified Blocking of Customer Accounts – Pashto News and Current Affairs Channel

The State Bank of Pakistan (SBP) has introduced new safeguards to protect citizens’ money and bank accounts. Under the SBP new instructions for banks, financial institutions cannot block, freeze or restrict customer accounts without a valid legal reason, proper verification and approval from the relevant authority. The central bank issued the directives in compliance with orders from the Islamabad High Court, which had already barred banks from …