Govt to close thousands of dormant bank accounts

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The federal government on Monday decided to close thousands of dormant bank accounts belonging to various administrative departments.

According to details, the Finance Ministry has directed the State Bank of Pakistan (SBP) to issue instructions to commercial banks to shut down the government’s dormant accounts and transfer all available balances to a single account.

A notification, issued in this regard, stated that the federal government now follows a ‘cash management and treasury single account policy’, according to which, all government funds will be deposited in a single account. The Ministry of Finance has also prohibited the departments to keep funds in any other accounts instead of the Federal Consolidated Fund. “There are thousands of government dormant bank accounts with zero bank balances,” it added.

 

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