Monetary Relief of Rs 539.72 Million Granted to Banking Customers

The Banking Mohtasib Pakistan, a regulatory authority overseeing banking complaints, has provided significant monetary relief to banking customers during the first half of 2023. The relief amounts to a total of Rs 539.72 million and has been disbursed in response to 12,015 complaints resolved by the authority.

Resolution of Complaints and Role of Banking Mohtasib

Out of the total complaints received, the Banking Mohtasib successfully resolved approximately 98 percent (11,731) of them through amicable agreements. Only 2 percent (284) of the complaints required formal orders from the Banking Ombudsman to reach a resolution. This highlights the effectiveness of the Banking Mohtasib in resolving customer grievances.

Continuing Challenges and the Need for Customer Awareness

Despite the efforts made by the Banking Mohtasib, the number of complaints lodged against commercial banks remains consistent. In the last six months alone (January to June 2023), the authority received 14,863 new complaints. Notably, 4,057 of these complaints were submitted through the Prime Minister’s Portal, indicating the significance of the issue.

To address the rising concerns related to fraud and forgery, Muhammad Kamran Shehzad, the Banking Mohtasib Pakistan, urges banking customers to exercise caution. Customers are advised against disclosing their personal and financial information to any third party. In case of receiving suspicious calls, customers are encouraged to promptly approach their nearest bank branch or contact the bank’s helpline for assistance.