Jul 9

President rejects MCB Bank’s stance on internet banking fraud

ISLAMABAD: President Dr Arif Alvi on Friday rejected the representation of MCB Bank challenging the order of Banking Mohtasib to credit the lost money to its account holder, who had fallen victim to internet banking fraud. The President said the bank’s argument on declaring the unauthorized funds transfer as the customer’s liability for divulging his […]

by Mrs. Anjum Shahnawaz

Highest monthly complaints of banking frauds, forgeries register in March 2021

Apr 17

Money & Banking

Highest monthly complaints of banking frauds, forgeries register in March 2021

KARACHI: The office of Banking Mohtasib Pakistan has said that complaints against banking frauds, forgeries and other regularities were monthly highest received in March 2021 since the inception of Mohtasib office in 2005. Complaints against banking frauds and forgeries registered massive increase of 135 percent during three months (January – March) of 2021 as compared […]

by Mrs. Anjum Shahnawaz

Bank less bother to check taxpayers’ active status while deducting withholding tax

Mar 14

Money & Banking

Bank less bother to check taxpayers’ active status while deducting withholding tax

KARACHI: In an interesting case an account holder suffered deduction of withholding tax at a higher rate on banking transactions despite the account holder’s name was on the Active Taxpayers List (ATL). According to a case study, a complainant lodged a complaint before the Banking Mohtasib Pakistan that the concerned bank had deducted withholding tax […]

by Mrs. Anjum Shahnawaz

Careless bank record keeping creates difficulties for foreign currency account holder

Mar 7

Money & Banking

Careless bank record keeping creates difficulties for foreign currency account holder

KARACHI: Foreign currency account holder faced serious difficulties when the bank flatly replied they could not trace his account. According to the annual report 2020 issued by the office of Banking Mohtasib Pakistan stated that a complainant approached the office stating he had been maintaining his Foreign Currency Account with a bank’s branch since 1996. […]

by Mrs. Anjum Shahnawaz

Habib Bank tops in customers complaints list

Mar 4

Money & Banking

Habib Bank tops in customers complaints list

KARACHI: Habib Bank Limited (HBL) has topped in failing to satisfy customers with the services as the highest number of complaints were filed against the bank at the Wafaqi Mohtasib (Ombudsman) Pakistan. The annual report for the year 2020 issued by the office of Wafaqi Mohtasib last week revealed that the highest number of complaints […]

by Mrs. Anjum Shahnawaz

Bank branch manager defrauds 29 customers

Feb 27

Money & Banking

Bank branch manager defrauds 29 customers

KARACHI: During investigation of a case before the Banking Mohtasib Pakistan, a bank revealed that one of its branch manager committed fraud of an amount Rs30 million involving 29 customers. According to annual report 2020 issued by Banking Mohtasib Pakistan on February 25, 2021, a case was lodged in which a complainant stated that he […]

by Mrs. Anjum Shahnawaz

Bank irrationally deducts withholding tax from tax filer

Feb 26

Money & Banking

Bank irrationally deducts withholding tax from tax filer

KARACHI: A bank has deducted irrationally a huge amount as withholding tax from transactions made by an account holder. The account holder was return filer and filed a complained before the office of Banking Mohtasib Pakistan for payment of refund from the concerned bank. The Mohtasib after considering all aspects of the case, ordered the […]

by Mrs. Anjum Shahnawaz

SBP asked to restore biometric verification for online banking services

Feb 25

Money & Banking

SBP asked to restore biometric verification for online banking services

KARACHI: The Banking Mohtasib has asked the State Bank of Pakistan (SBP) to restore the verification through biometric system for activation/re-activation of online banking services. The non-availability of biometric verification system is creating unsafe environment for banking customers, according to annual report for the year 2020 issued by the office of Banking Mohtasib Pakistan on […]

by Mrs. Anjum Shahnawaz

Mohtasib provides relief of Rs600 million in complaints against banks

Feb 25

Money & Banking

Mohtasib provides relief of Rs600 million in complaints against banks

KARACHI: The Banking Mohtasib (Ombudsman) has provided a monetary relief of around Rs600 million in resolving over 16,000 complaints against banks during the year 2020. The Banking Mohtasib Pakistan, Muhammad Kamran Shehzad unveiled the annual report 2020 at a press conference on Thursday. According to the annual report of the office of Banking Mohtasib, during […]

by Mrs. Anjum Shahnawaz

Ombudsman asked to protect banking consumers from scams, financial losses

Feb 2

Money & Banking

Ombudsman asked to protect banking consumers from scams, financial losses

President of Pakistan, Dr. Arif Alvi, has called on the Banking Mohtasib [Ombudsman] to enhance efforts in protecting banking consumers from scams and financial losses through effective preventive measures.

by Mrs. Anjum Shahnawaz