Please refer to BPD Circular No. 23 dated July 4, 2003.

2. Earthquake Reconstructions and Rehabilitation Authority (ERRA) has informed us that they are 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. ERRA is, therefore, receiving back the cheques of housing subsidy instead of being credited to the accounts of beneficiary earthquake affectees.

3. In order to facilitate the disbursement of housing subsidy to Earthquake affectees, it has been decided that the banks shall not impose any minimum balance requirement for maintenance of bank accounts in the earthquake affected areas, for a period of one year from the issuance of this Circular Letter.

4. Please acknowledge receipt.