Bankers Media

National Database Regulation Authority introduced new policy for issuance of Computrized National Identity Card (CNIC).

Under new policy birth certificate won't be required to get new CNIC and B-Form. You need to provide compies of Matriculation Certificate, Domicile, Passport and parents CNICs.

Condition of marriage certificate for obtaining Wife CNIC jas been removed. Husband CNIC copy along with Rs. 20 affidavit is all you need.

Lodging of FIR is no longer mandatory if your CNIC lose. Now you can obtain a new CNIC by submintting an undertaking on a stamp paper regarding loss or theft of the card.

Governmnet has also done away with requirement of a newspaper advertisement in case of name change.

Union Council (UC) chairman and Councilors won't have authority to attest documents for CNIC applications.

State Bank of Pakistan (SBP) has taking strict actions in the financial sector by slamming penalities of over Rs. 800 million on 10 commercial banks for violating regulatory laws and loophols in the operations.

Central bank carried out extensive audits of banks operations amd regulatory implementation and penalized banking companies without issuing a warning or show cause notices.

Also Watch Video:

Most of banks violated regulations in areas to AML/CFT, Consumer Protection, Consumer Protection and Asset Quality.
The action is part of the steps needed to get off the Financial Action Task Force (FATF) greylist.

Below are the details of penalities slapped on banks by the State Bank of Pakistan (SBP).

Habib Bank Limited

Habib Bank Limited (HBL) faced a fine of Rs. 320 million due to deficiencies in the areas of AML/CFT) erroneous deduction of service charges from customers. The HBL management has beed advised timelines to bring inprovements in its system.
Muslim Commercial Bank (MCB):
MCB was imposed a penality of Rs. 159.152 million for violating AML/CFT. The bank management has been advised timelines to improve KYC/CDD processes and integrate eKYC system.

Dubai Islamic Bank:

State Bank of Pakistan imposed a penality of Rs. 77.9 million on Dubai Islamic Bank for violating in the areas of AML/CFT and Asset Quality.

JS Bank:

SBP imposed a penality of Rs. 70.37 million for deficiencies in customer due diligence process, misusing and non classification of loans. Bank has been advised to enhance its system for cuatomer risk profiling (CRP), transaction monitoring and identification of politically Exposed Persons (PEP).

Silk Bank:

SBP imposed a penality of Rs. 53 million on the deficiencies in customer due diligence practices, imprudent lending practice, non classification of loans.

Bank Alfalah:

Allied Bank Limited:

SBP imposed penality of Rs. 32.75 million for violating various limits of Equity Investment / related defeciencies in the cuatomer due diligence process.

Sindh Bank:

Bank was imposed a penality of Rs. 15 million for poor control in customer due diligence practices, imprudent lending practice, non classification of loans.

Summit Bank:

SBP has imposed a penality of Rs. 13.07 million for poor controls in customer due diligence process, misusinh of loans and non classification of loans.

Habib Metropolitan Bank (HMB):

Bank was imposed a penality of Rs. 10 million bt SBP on violation of foreign exchange regulations relating to splitting the import advamce payments into smaller transactions.

The management of all these commercial banks are dejected but the have to pay heavy price of penality that will eat up their revenues. Banks should focus on theis business and operations to avoid penalities next time.

If a individual, association of persons,
partnership and company have PKR/ Foreign Currency bank account and which is not operated from last year.

All Savings and Current Account opened in any currency including Foreign Currency Account that remain inoperative for a period of one year will be marked as Dormant Account.

Dormant Account will remain remain debit block for customer transaction however such account can be debited for recovery of charges and government tax or levies.

Prior dormancy letter shall be dispached one month advance of account being classified as dormant as per State Bank of Pakistan (SBP) instructions.

Guidelines:

• Credit entries may be allowed without changing the status of account.
• Debit Transactions or Withdrawals are not allowed until account holder submits written requests for activation of account.
• Produce original Computerized National Identity Card (CNIC).
• For activation of individual account a written request from customer is required.
• If account of entites other than individual Sole proprietorship , Partnership, Private and Public Limited Companies and Trust Societies dormant actovation request will be obtained on their letter head duly signed by authorized signatories.
• If account is operated Jointly signatures of all account holders will be obtained on account activation request.
• However Joint Account where operation of account is "Either or Survivor" signature of any one of the account holder is sufficient.
• After completion of documents asked the customer to conduct a transaction on the same day for reactivation of account.
• As per instructions of State Bank of Pakistan (SBP) statement of such account handed over to customer from the date of dormancy.

Meezan Kafalah is a saving plan where you
as a customer will pay your contribution regularly. The Meezan Bank will pay on your deposited amount while the Takaful Partner/ Company will provide Takaful Coverage.
Meezan Kafalah has provided different type products.

Products:

01 - Hogher Education
02 - Wedding
03 - Hajj
04 - Retirement

Features:

• Meezan Kafalah Plan starts from minimum investment of Rs. 2000/ per month.
• Meezan Kafalah plan are available 3 years to 15 years.
• Continuous protection Takaful Company.
• Monthly Profit payment reinvested in your Kafalah Plan.
• Easy exit option.
• No hidden charges on premature encashment.
• Track your Investement growth through Complimentary Internet Bamking.

• Maximum protection of life Takaful upto 15Million with accidental death benefits (ADB) throughout the plan term.
• Minimum Coverage of Rs. 500,000 upon ADB claim.
• Full cover for individual with permanent total disability due to accident or sickness.
• Wakalah fee waived after 3years.
• Sole Proprietorship and Joint Account Holder can also avail this product.
• In case of Natural or accidental death Meezan Bank will also provide additional Rs. 20,000 as funeral expense.

Eligibility:

Age: 18 to 55 years.
Initial Investment: 2,000

1. An internationally recognized qualification accredited by CBI (UK).
2. A cross-functional knowledge base designed to educate the candidate about best practices and banking technicalities.
3. A flexible course structure to suit both working professionals and full time students.
4. An affordable and cost-effective qualification.
5. Structured curriculum linked to banking practices.
6. Cash rewards to employees from banks.
7. Faster career growth including possible promotions.
8. Self study module.