Banking and Financial services are used so frequently and widely that we mostly take them for granted. From taking loans from banks for car and home finance to getting credit cards and opening accounts and making online transactions etc.
Without these services our daily life would break down because it’s only due to such services that we get our salaries on time and pay for our kid’s education fees and buy household items and pay utility bills.
However with all the great services that banks offer
us, sometimes we face such situations where we, as a consumer, face unfair business practices or unsatisfactory services by these financial institutions. As with any organization, every service provider has a department that deals with consumers to solve various woes faced by them which often leads to acknowledgement and resolution of the issue by the bank in the customer’s favor.
But what if things take a turn for the worse?
As the famous saying goes, life is not a bed of roses, hence things can go haywire, what if you raise your issue with the bank itself but fail to find a suitable remedy or satisfactory response from them? Sometimes we feel that we are a victim of unfair treatment by such organizations. After all banks have to make sure they stay in green and sometimes it’s just the lack of quality services that may be of concern to you. Things like harassment during recovery of loan, banking malpractices, perverse, arbitrary and discriminatory actions, operational Inefficiency, violation of banking laws and regulations etc. In such cases, what would a consumer do against a bank? Is there any such regulatory body that oversees that banks work on ethical business practices and the issues faced by the consumers are resolved on a priority basis? Well the good news is that the consumers are not alone and there definitely is an authority that oversees bank’s practices and ensures the resolution of disputes between the two parties.
Meet the Banking Mohtasib of Pakistan:
Known as Financial Ombudsman worldwide or Banking Mohtasib locally, it was Established in 2005 under the Banking Companies Ordinance (BCO), it is an independent institution that works to resolve public grievances against banks operating within the country and negotiate disputes between banks and their clients. According to the BCO, the banking ombudsman is appointed by the president in consultation with the governor of the State Bank of Pakistan. It’s pertinent to mention here that the Banking Mohtasib works free of any charges whatsoever hence anyone can approach if there’s an issue you think needs assistance.
What Kinds of complaints does the Banking Mohtasib entertain?
1) Complaints can be filed with the Banking Mohtasib for resolution of grievances against scheduled banks operating in Pakistan. Also banks may lodge complaints against another bank in case of dispute. 2) All complaints rejected by banks can be entertained by the Banking Mohtasib provided records pertaining thereto have not been destroyed by the bank in accordance with its laid down record destruction policies. 3) Should you wish to refer rejected complaints to us, you may send us all related correspondence along with the Complaint Form with out the need to give 45 days notice to the concerned bank. 4) The Banking Mohtasib handles complaints relating to violation of banking laws and regulations, excessive delays and inefficiency, poor service, discriminatory actions, etc. 5) The Banking Mohtasib will NOT accept complaints pertaining to bank policy e.g. published schedule of charges, loan policies etc. For instance, the Banking Mohtasib can not order a bank to sanction a loan or waive and reduce mark up on loans. That’s all you need to know about what can be done regarding unfair practices by banks and who will hear you out in case you’re the victim of one.