Keeping this in view, banks have been advised to allot a different “product code” in their CBS to all such accounts opened by banks so that the stipulation of inoperative/dormant account due to non-operation does not apply while crediting proceeds.
I assure you, the BSP will be consultative in rolling out the guidelines... but at the same time, the BSP will not allow parochial motivations to cloud what is best for the market and financial stability. Moving on to my fourth point… In considering financial stability, the BSP has pushed changes in the financial governance framework so it starts with the financial institution itself.