Karachi, July 22, 2024 – The Banking Mohtasib Pakistan has provided significant monetary relief to banking customers, amounting to Rs 681.07 million, by resolving 12,568 complaints during the first half of the current calendar year, 2024.
This marks a substantial increase compared to the same period last year, when relief of approximately Rs 539.72 million was granted through the resolution of 12,015 complaints.
The majority of the complaints this year, about 96% (12,111), were resolved amicably, demonstrating the effectiveness of the Banking Mohtasib’s mediation efforts. Only 4% (457) of the complaints required formal hearings and the issuance of orders from the Banking Mohtasib to reach a resolution.
Despite the introduction of new measures by the State Bank of Pakistan, effective from January 1, 2024, the number of complaints lodged against commercial banks has not decreased. Up to June 30, 2024, the Banking Mohtasib Office received 14,058 new complaints, including 3,457 complaints from the Prime Minister’s Portal. This indicates a persistent level of dissatisfaction among banking customers and underscores the ongoing need for vigilance and effective dispute resolution mechanisms.
In his efforts to protect banking customers from fraud and forgeries, the Banking Mohtasib, Sirajuddin Aziz, has strongly advised customers against disclosing their personal and financial information to any third parties. Aziz emphasized the importance of immediate action when receiving suspicious calls, urging customers to promptly contact their nearest bank branch or the bank’s helpline for assistance.
“Protecting our customers from fraud is of utmost importance,” said Sirajuddin Aziz. “We urge all banking customers to remain vigilant and to never share their personal or financial information with unauthorized individuals. Quick action and awareness can prevent potential losses.”
The role of the Banking Mohtasib is crucial in addressing the grievances of banking customers and ensuring that their rights are protected. The significant increase in the relief amount and the number of resolved complaints highlight the proactive stance of the Banking Mohtasib in dealing with customer issues.
As banking services continue to evolve and grow, the challenges faced by customers also increase. The Banking Mohtasib Office remains committed to addressing these challenges and providing a reliable avenue for customers to seek redressal. With continued efforts to improve banking practices and customer service, it is hoped that the number of complaints will eventually decrease, leading to a more robust and trustworthy banking sector.
For now, banking customers are encouraged to stay informed, be cautious of potential frauds, and utilize the resources available to them through the Banking Mohtasib Office.
