Karachi: The State Bank of Pakistan (SBP) has announced realignment of function for unclaimed deposits.

According to a circular issued on Thursday, the SBP has decided to transfer all operational functions related to unclaimed deposits under Section 31 of Banking Companies Ordinance, 1962 to the SBP Banking Services Corporation (SBPBSC) with effect from October 1, 2021.

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These include surrendering of unclaimed deposits by banks/ DFIs, making information about surrendered deposits public, processing of applications for refunds of such deposits, etc.

Accordingly, SBP has advised all Banks/DFIs to submit all applications related to refund of unclaimed deposits to the Director, Accounts Department, SBPBSC, Karachi with effect from October 01, 2021.

Copyright Business Recorder, 2021