As a first step, SBP will facilitate the opening of accounts for “people with mental disorders” – Pakistan

The State Bank of Pakistan (SBP) on Wednesday announced that for the first time in the country’s history, “people with mental disorders” could open a bank account through a court-appointed manager .

In one Press release, the central bank said a new category, “mentally disturbed person account”, had been created in the SBP’s regulations on money laundering, combating terrorist financing and proliferation financing (AML / CFT / CPF).

“The State Bank has advised all banks to help people with mental disorders by allowing them to open and maintain a bank account with the help of a court-appointed official in accordance with applicable laws in mental health, ”the statement said.

He said the “well-defined” process for opening the account was designed after extensive discussions with stakeholders. The process includes the presentation of valid identity documents and the biometric verification of the person and official appointed by the court through the National Database and Registration Authority (Nadra).

The bank would also verify the court order to determine the authenticity of the appointed manager, the press release said, adding that “all CDD (customer due diligence) requirements must be met for both people to comply. to AML / CFT / CPF regulations ”.

SBP said that a new comprehensive financial inclusion policy for people with disabilities would soon be unveiled, which, along with the “Mental Disorders Count,” “would pave the way for universal financial inclusion, including those of people with disabilities. marginalized segments “.

The press release recalled that the SBP had previously implemented initiatives for people with disabilities, including paying particular attention to their employment and improving accessibility infrastructure such as ramps and wheelchair facilities. in branches.

“SBP has also made available subsidized financial facilities and credit guarantee programs for people with disabilities. All of these measures are taken as part of a broader goal of improving financial inclusion in the country,” adds the press release.

Last year, the central bank assured President Arif Alvi to support people with disabilities.

SBP Governor Dr Reza Baqir said a significant number of people with different abilities have the capacity to work and contribute to day-to-day economic activities and therefore support their families. He had urged banks to explore avenues to make the inclusion of this untapped segment of the economy a reality.