Circulars/Notifications - Banking Conduct & Consumer Protection Department  
  BC&CPD Circular Letter No. 03
June 30, 2016 

The Presidents/Chief Executives,
All Banks


Dear Sirs/Madam,

PHYSICAL VERIFICATION FOR DIRECT CREDIT MODE OF PENSION PAYMENTS

                Please refer to BC&CPD Circular Letter No. 1 dated January 18, 2016 wherein instructions for payment to pensioners were conveyed to all banks for strict compliance. However, the Ministry of Finance has raised their concerns that scheduled banks are not complying with the instructions. Ministry of Finance has again issued revised Standard Operating Procedures (SOPs) vide its letter No.  F.12(9)-Reg.6/2012-796 dated 15th June, 2016 alongwith enclosures (Copy enclosed) for Direct Credit Mode of pension payments.

2.       All banks are advised to ensure compliance of the same in true letter and spirit. Any violation found in compliance with the instructions would be dealt with under the relevant provisions of Banking Companies Ordinance, 1962.

3.       Please acknowledge receipt.

Encls: (As above)
 

 

Yours truly,


(Muhammad Akmal)
Director

       
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