10-13-2005, 11:47 PM
In its morning News 12 October 2005 the Geo TV reported that State Bank of Pakistan (SBP) has directed all commercial banks not to mark or categorize any Bank account as dormant unless first reporting the reasons to the concerned account holder and giving him a chance to respond. The SBP has further directed that this order must be implemented.
Are any orders or rules for real implementation in our beloved country? Simultaneously with it was the news coverage about earthquake jerks felt few hours back in Karachi. The TV team questioned live an official in Karachi that what were the safety precautions in Karachi. The official responded that there are all the good laws about building construction like safety from earthquake, extra steel shuttering on angels etc, provision of earthquake withstanding but only the implementation was none. This authority did not tell if laws were available then how Karachi Building Control Authority sleeps and projects get completed.
In 1990 I took up the issue with the Federal Ombudsman that due to sudden death of accounts holders many accounts remain dormant as the heirs do not know about existence of such accounts. I drafted and proposed a proforma that in future no single signature account be opened and a declaration be obtained from account holders containing name and address of a third person whom bank may contact to know where about of account holder in case for continuous three years there was no transaction. The demised Pakistan Banking Council resisted my proposal which did not surprise me at all. The then Federal Ombudsman who was a pubic spirited man terming it a humanitarian issue accepted my drafted proforma. Realising the importance he not only directed it for future account holders, but also directed that same proforma with be sent to all already existing account holders. No bank obtained this from then existing account holders. I understand there is a long list of dormant accounts but to my personal knowledge no bank has ever contacted the third party in case of 3 years continuous non transaction A Lahore citizen later took up the matter in 1995 that National Savings and Pakistan Post Office may also be directed to implemented the above decision of 1990. State Bank resisted that these two organisations were not under it jurisdiction but the Federal Ombudsman directed that since matter was of public interest hence SBP must implement this. SBP never implemented it. Recently it told me that National Savings was not under itâ the same argument which it took in 1995 and to which the then Federal Ombudsman did not agree.
Will the SBP implement or at least ever care to see if the commercial banks did care about its above order? Certainly not. Has SBP ever cared to see implementation of orders or directives as far as those concerning ordinary manâs welfare? Take only one example. It directed the Banks to install ATM machines by end December 2004. How many have installed and to how many disciplinary notices have been issued by the SBP. What the position, on ground, about utility bills payments or receipt of six monthly statements? 2-3 years back if my memories are not misguiding me SBP ordered all commercial banks to send six monthly statements by registered mail. Has this been implemented?
Are any orders or rules for real implementation in our beloved country? Simultaneously with it was the news coverage about earthquake jerks felt few hours back in Karachi. The TV team questioned live an official in Karachi that what were the safety precautions in Karachi. The official responded that there are all the good laws about building construction like safety from earthquake, extra steel shuttering on angels etc, provision of earthquake withstanding but only the implementation was none. This authority did not tell if laws were available then how Karachi Building Control Authority sleeps and projects get completed.
In 1990 I took up the issue with the Federal Ombudsman that due to sudden death of accounts holders many accounts remain dormant as the heirs do not know about existence of such accounts. I drafted and proposed a proforma that in future no single signature account be opened and a declaration be obtained from account holders containing name and address of a third person whom bank may contact to know where about of account holder in case for continuous three years there was no transaction. The demised Pakistan Banking Council resisted my proposal which did not surprise me at all. The then Federal Ombudsman who was a pubic spirited man terming it a humanitarian issue accepted my drafted proforma. Realising the importance he not only directed it for future account holders, but also directed that same proforma with be sent to all already existing account holders. No bank obtained this from then existing account holders. I understand there is a long list of dormant accounts but to my personal knowledge no bank has ever contacted the third party in case of 3 years continuous non transaction A Lahore citizen later took up the matter in 1995 that National Savings and Pakistan Post Office may also be directed to implemented the above decision of 1990. State Bank resisted that these two organisations were not under it jurisdiction but the Federal Ombudsman directed that since matter was of public interest hence SBP must implement this. SBP never implemented it. Recently it told me that National Savings was not under itâ the same argument which it took in 1995 and to which the then Federal Ombudsman did not agree.
Will the SBP implement or at least ever care to see if the commercial banks did care about its above order? Certainly not. Has SBP ever cared to see implementation of orders or directives as far as those concerning ordinary manâs welfare? Take only one example. It directed the Banks to install ATM machines by end December 2004. How many have installed and to how many disciplinary notices have been issued by the SBP. What the position, on ground, about utility bills payments or receipt of six monthly statements? 2-3 years back if my memories are not misguiding me SBP ordered all commercial banks to send six monthly statements by registered mail. Has this been implemented?
