Jan. 01, 2010

The State Bank of Pakistan said that it has been decided to substitute the paragraph (e) of Prudential Regulation M-2 for corporate and commercial banking, revealed a circular issued by SBP on Thursday. The substitution para is: (e) banks/DFIs shall not allow personal accounts to be used for business purposes except proprietorships, small businesses and professions where constituent documents are not available and the banks/DFIs are satisfied with KYC profile of the account holder, purpose of relationship and expected turnover of the account keeping in view financial status and nature of business of that customer. staff report