KARACHI: The National Bank of Pakistan (NBP) has temporarily closed the accounts of thousands of pensioners to biometrically verify all account holders.
Sources said that NBP has suspended accounts of pensioners and retired citizens to make the system foolproof and to help retirees get their pension payments without delay.
The ongoing suspension coincides with an earlier banking regulation requiring pensioners to biometrically verify their status by providing a life certificate (proof of life) or marriage certificate twice a year – June and December – in order to have their accounts restored and continue receiving their pensions.
NBP aims to ascertain whether the beneficiary is still alive and to avoid the abrupt closure of their accounts, sources added.
Sources said timely verification for pension disbursements will benefit senior citizens and remove irregularities.
This exercise will also prevent withholding of monthly pension payouts of retirees, and make the system safer for recipients who depend exclusively on such payments for their daily upkeep and purchase of medications that sustain them.
