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KARACHI: State Bank of Pakistan has barred all banks from imposing any minimum balance requirement for maintenance of bank accounts in the earthquake affected areas for a period of one year to facilitate the disbursement of housing subsidy to earthquake affectees.
According to a SBP circular, addressed the Chiefs of all banks and DFIs, issued here on Saturday, the Earthquake Reconstructions and Rehabilitation Authority (ERRA) informed the Central Bank that the Authority was facing problems in the disbursement of housing subsidy to the Earthquake affectees in Northern areas as banks have closed many of the accounts of earthquake affectees due to non-maintenance of minimum balance requirements.
The ERRA is, therefore, receiving back the cheques of housing subsidy instead of being credited to the accounts of beneficiary earthquake affectees.
The State Bank has advised the banks to refer to BPD Circular No. 23 dated July 4, 2003.  | 
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