SBP Reveals Rs97 Billion Held in Dormant Accounts; Senate Committee Approves Extension for Reactivation Period

Islamabad: The State Bank of Pakistan (SBP) has revealed that a substantial Rs97 billion is currently tied up in dormant bank accounts that have remained inactive for the past decade. This information came to light during a recent meeting of the Senate’s Standing Committee on Finance.

The SBP reported that 14 million bank accounts across various financial institutions have been temporarily inactive for 10 years. In light of this, a proposal has been introduced to extend the period before these dormant accounts are permanently closed from 10 years to 15 years.

SBP officials emphasized that despite the prolonged inactivity, millions of account holders eventually reactivate their temporarily dormant accounts, even after a decade. In response to this, the Senate committee has given its approval to the SBP’s proposal, allowing for the reactivation of these dormant accounts within the extended timeframe.

This decision aims to provide account holders with additional flexibility and prevent the permanent closure of accounts that may still hold significant value.