State Bank of
A specimen of the Summary Box containing the minimum information relating to Annualized Percentage Rate (APR), effective interest rates, minimum monthly repayments, card limits, fees & charges, insurance coverage, etc. was sent along with the circular for meticulous compliance.
Banks may, however, add any further material information in the Summary Box as they deem necessary. Further, before issuing any credit card, the bank shall retain a duplicate copy of Summary Box duly signed by the customer and authorized banker, in line with SBP record retention regulations.
Failure to comply with the above directives shall attract penal action under the provisions of Banking Companies Ordinance, 1962.
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