Mentally disordered persons now can open bank accounts

The State Bank of Pakistan (SBP) has provided major facilitation to mentally disordered persons by allowing them to open a bank account through a well-defined account opening process, reported 24NewsHD TV channel Tuesday.

The process has been devised after thorough consultation with stakeholders. Now, for the first time in Pakistan, mentally disordered persons will be able to open a bank account under a new category of customers account namely “mentally disordered person account” introduced by SBP in its AML/CFT/CPF regulations. State Bank has advised all banks to facilitate the mentally disordered persons by allowing them to open and maintain a bank account with the help of a court-appointed manager as per the applicable laws related to mental health.

The account opening process will include the presentation of valid identity documents and biometric verification through NADRA of mentally disordered person and court-appointed manager. Moreover, the bank will verify a certified true copy of the court order to ensure the authenticity of the appointed manager. All CDD requirements should be completed for both persons to meet AML/CFT/CPF Regulations.

Earlier, the SBP has taken several measures and initiatives in consultation with the banking industry for Persons with Disabilities like giving special consideration for their employment and improvement in accessibility infrastructures such as ramps and wheelchair facilities in their branches. The SBP has also made available subsidized financial facilities and credit guarantee schemes for differently-abled persons. All these measures are being undertaken under a broader objective of improving financial inclusion in the country.