Karachi: State Bank of Pakistan (SBP) announced new policy for account opening for individuals- students, low-income people and Zakat entitled people specially.
A new policy release by SBP depicts that any individual can open bank account with minimum of Rs. 100, which will be implemented from July 1, 2011.
In addition to this, SBP directed all scheduled banks to lift the service charges on the minimum balance. Previously banks were entitled to receive some charges as account balance decrease from minimum level, which was Rs. 500.
This has been welcomed largely in the masses and economist too. Experts view this policy as blood to the economy. According to the opinion, most of the population of the country belongs to the lower income group, which was deprived of banking services due to high service charges and minimum balance requirement. Now those people will access the banking services at cheaper price like never offered before. There is trickle down effect of the policy, those deposits, expected to grow manifolds, will be injected in the economy in the form of investment.
Many steps are to be taken in future to prosper the economy.