All banking needs reformed

The State Bank of Pakistan had cancelled the license of Indus Bank Limited due to what had been termed as irregularities in its accounts in September 2000. The SBP had subsequently disbursed up to Rs.100000/- each to its depositors with permission of the Peshawar High Court. The owners of the IBL had contested against the SBP in Supreme Court of Pakistan and had vowed therein to disburse 100% deposits with due profit to the accountholders of the defunct bank if the cancellation of license was withdrawn. After a long litigation process, though, the Supreme Court gave a verdict in favour of the State Bank of Pakistan and allowed it to disburse remaining deposits to the IBL accountholders by lifting its earlier stay order to restrict all payments pending a decision. The depositors of the Indus Banks, as of now, are still deprived the right to access their own savings and this has been so for the last ten years. They are postponing their major expenses like construction of homes or weddings of their daughters or paying off their loans. Some of them died and their successors are waiting for the deposits which were supposedly released by the Supreme Court's verdict a year ago. The SBP had been postponing the release of IBL deposits to their rightful owners for a long time and now for the past one year, they are being advised to wait till the liquidator(s) are appointed with the permission of Peshawar High Court. How long can the IBL victims, their widows and orphans wait? The victims are looking towards the Chief Justice and Prime Minister of Pakistan for compensating them for deprivation and devaluation of their IBL deposits since September 2000. -MOHAMMED MUNIR RAHAT & OTHER IBL VICTIMS, Islamabad, May 25.

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