It
has come to the notice of State Bank of Pakistan that some banks
are demanding placement of deposits from insurance companies
as a condition precedent for their enlistment on the banks panel
and for the purpose of acquiring business from them which is
unjustified.
Banks
are therefore, advised to restrain from demanding compulsory
deposits as a prerequisite for enlistment of insurance companies
in future failing which action under Banking Companies Ordinance,
1962 shall ensue against them.
Please
acknowledge receipt.
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