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In a historic first, people with mental illness allowed to open a bank account

07:58 PM | 12 Jun, 2021
In a historic first, people with mental illness allowed to open a bank account

KARACHI – The State Bank of Pakistan has come up with a progressive policy as it has allowed people with mental disorders to open a bank account for the first time in the history of the country.

The accounts, according to the central bank, will be opened through a well-defined account opening process devised after thorough consultation with stakeholders. 

“Now, for the first time in Pakistan, mentally disordered persons will be able to open a bank account under a new category of customers account namely ‘mentally disordered person account’ introduced by SBP in its AML/CFT/CPF regulations,” read the official press release. 

The SBP has advised all banks to facilitate such customers by allowing them to open and maintain a bank account with the help of a court appointed manager as per the applicable laws related to mental health. 

Account opening process will include presentation of valid identity documents and biometric verification through NADRA of mentally disordered person and court appointed manager. Moreover, bank will verify certified true copy of court order to ensure authenticity of the appointed manager. All CDD requirements should be completed for both persons to meet AML/CFT/CPF Regulations.

It may be recalled that SBP has earlier taken several measures and initiatives in consultation with banking industry for Persons with Disabilities like giving special consideration for their employment and improvement in accessibility infrastructure such as ramps and wheelchair facilities in their branches. 

SBP has also made available subsidized financial facilities and credit guarantee schemes for differently abled persons. All these measures are being undertaken under a broader objective of improving financial inclusion in the country.

SBP’s current step along-with a new comprehensive financial inclusion policy for Persons with Disabilities will be unveiled shortly. It will pave the way for universal financial inclusion including those of marginalized segments.

Daily Pakistan Global Web Desk

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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 25 Feb 2024 forex rates

Pakistani rupee remains stable against US dollar in the open market on February 25, 2024 (Sunday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 25 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94

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