The Presidents/Chief Executives

All Banks/DFIs

Dear Sir/Madam,

ISSUANCE OF E-STATEMENT OF ACCOUNT TO CREDIT CARD HOLDERS

1. Please refer to PR- O-2 of Prudential Regulations for Consumer Financing on the subject of sending statement of account to the credit card holders.
2. In order to further facilitate the banks and the customers the existing Regulation has been revised and replaced as following which will be operational with immediate effect.

1. Banks / DFIs shall provide to the credit card holders, the statement of account at monthly intervals, unless there has been no transaction or no outstanding balance on the account since last statement. The statement of account should be dispatched to the credit card holders through a courier company or express post services of Pakistan Post.
2. However, the banks/DFIs may also send statement of account in Electronic Form instead of hard copy to their customers subject to the condition that consent from the customers for sending Electronic Statement of accounts in lieu of hard copy has been obtained and kept in record. However, for opting this mode, banks/DFIs shall make arrangement of ‘SMS Alert’ informing the card holders on given cell numbers, free of charge, that e-statement has been sent via email and mentioning therein outstanding amount/minimum payment due and due date of payment.
3. Banks/DFIs are further advised to provide free of charges a duplicate or hard copy of the statement whenever banks/DFIs are approached by their credit card holders.

Please acknowledge receipt.