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.
3. Please acknowledge receipt.
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.
Encls: (As above)