In a recent meeting of the Senate Standing Committee on Finance, it was disclosed that Pakistani citizens have overlooked a staggering Rs97 billion lying dormant in their bank accounts.
This substantial sum is distributed across 10.4 million temporarily closed accounts in banks nationwide. Senator Saleem Mandviwala, who chaired the meeting, highlighted that these accounts have been inactive for over a decade. State Bank of Pakistan officials informed the committee that many account holders seem to have forgotten about the funds in these accounts.
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The committee discussed a proposal to extend the current 10-year period for considering such accounts permanently closed to 15 years. According to existing regulations, if an account remains inactive for 10 years and after sending three notices to the account holder without any response, the funds are transferred to the State Bank.
Despite the accounts being dormant for a decade, millions of account holders still request account reactivation from banks. This trend indicates the importance of a flexible approach to account reactivation.
The committee approved the State Bank’s proposal to allow the reactivation of temporarily closed accounts. This move aims to help citizens recover their forgotten funds and potentially stimulate economic activity.
This decision is anticipated to offer relief to many account holders who were unaware of the dormant status of their accounts.
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