Karachi, April 29, 2024 – Banking Mohtasib Pakistan (BMP) revealed a 21% increase in complaints against commercial banks for the year 2023, as reported in a press conference held at the Institute of Bankers Pakistan.
This rise contrasts with the significant drop in grievances recorded on the Prime Minister’s Portal, leading to an overall 5% decrease in total complaints compared to the previous year.
During 2023, the BMP addressed a total of 25,493 complaints, providing monetary relief totaling Rs 1.26 billion to affected banking customers. The Ombudsman received 36,437 complaints over the year, including those carried forward from 2022. Of these, 86% were resolved amicably through reconciliation processes, 3% were settled after formal hearings, and 11% were dismissed due to being incomplete, frivolous, or outside the BMP’s jurisdiction.
Since its inception in 2005, the BMP has facilitated approximately Rs 6.4 billion in relief to banking customers. This data underscores the vital role the BMP plays in overseeing commercial banking operations and ensuring customer grievances are addressed promptly and effectively.
Sirajuddin Aziz, the Banking Mohtasib Pakistan, highlighted these findings while speaking to the media. He shared that the BMP’s Annual Report for 2023 was officially presented to Mr. Asif Ali Zardari, President of the Islamic Republic of Pakistan, on April 19, 2024, at Aiwan-e-Sadr, Islamabad. During this presentation, President Zardari lauded the BMP for its dedication to delivering cost-free services to banking customers and for its efforts in promoting good governance within the banking sector. He also emphasized the importance of keeping up with technological advances to improve the processing and resolution of public complaints.
Additionally, the Annual Report was presented to Mr. Jameel Ahmed, the Governor of the State Bank of Pakistan, on March 28, 2024. This step is part of the BMP’s compliance with legal requirements to keep the banking regulatory authority informed of the issues facing consumers.
During the press conference, Sirajuddin Aziz called on all banks to initiate a widespread public awareness campaign across electronic and print media. This effort aims to educate customers on how to protect themselves from frauds and forgeries and ensure they are aware of the best practices for securing their deposits.
Aziz also announced plans for the BMP to launch its own awareness campaign, which will include sending messages via SMS in local languages. This initiative is designed to safeguard customers from the schemes of fraudsters, emphasizing the BMP’s proactive approach to consumer protection in the banking sector.
The press event concluded with Aziz thanking the media for their continued support in raising awareness about the issues that affect the public concerning commercial banks. This collaboration is vital for maintaining transparency and ensuring the public remains informed about their rights and the resources available to assist them in resolving banking-related disputes.
