The government has shortened the response time for banks to address customer complaints by 15 days, now binding financial institutions to reply to aggrieved clients within 30 days.
According to a media statement, Pakistan's Banking Ombudsman announced, "Banks are now mandated to respond to complainants' grievances within 30 days instead of the previous 45 days as prescribed under the Banking Companies Ordinance (BCO) 1962."
If complainants are dissatisfied with the bank's response, they may approach the Banking Mohtasib (Ombudsman) Pakistan for further redressal within an additional 30 days.
The Banking Mohtasib entertains a range of customer complaints, including intra-bank disputes, all complaints rejected by banks provided proof is available, rejected complaints, and customer complaints relating to violation of bank laws and regulations, excessive delays and inefficiency, poor service, discriminatory actions, and more, as per the BMP website.
Under the amendment to the Banking Companies Ordinance, 1962, sub-section (2) of section 82D has been revised to state: "Before lodging a complaint, the complainant shall request the concerned bank to address their grievance, and if the bank fails to respond or provides an unsatisfactory reply within 30 days, the complainant may file a complaint at any time thereafter within a further 30-day period."
The Banking Mohtasib is authorised to accept complaints filed after this 30-day window if complainants can provide valid reasons for the delay. This amendment to section 82D of the Banking Companies Ordinance, 1962, has been published in the extraordinary Gazette of Pakistan.
Previously, the banking ombudsman reported resolving 18,836 complaints in the first nine months of 2024, providing monetary relief of over Rs1.06 billion to banking customers from January to September 2024. During this period, the ombudsman's office received 21,904 new complaints, including 5,277 through the Prime Minister's Portal.
In the same period last year, the ombudsman provided monetary relief amounting to Rs972.33 million by resolving 18,431 complaints. "To protect people from the widespread fraudulent activities, the Banking Mohtasib Pakistan, Sirajuddin Aziz, has advised banking customers to refrain from disclosing their personal and financial information to third parties and to avoid clicking on links received on their cell phones unless verified as reliable and authentic sources."
He further advised that, upon receiving suspicious calls, customers should promptly approach their bank's nearest branch or contact the bank's helpline. They should also report the matter and any related phone numbers to the Cyber Crime Wing of the FIA.
Samba Bank withdraws sale offer
In a bourse filing, Samba Bank announced that its Saudi parent company has decided not to proceed with selling its majority stake in the bank's Pakistan operations.
Earlier, Bank Alfalah had conducted due diligence on Samba Bank as part of its interest in acquiring it, reporting in August that it was nearing the completion of this process.
According to a notification from Samba Pakistan to the Pakistan Stock Exchange, "We have been informed that, after completing due diligence and exploring the sale of its shares in Samba Bank, the Saudi National Bank, as the majority shareholder of Samba Pakistan, has terminated the sale process for its equity stake in Samba Pakistan."
1719053250-0/BeFunky-collage-(5)1719053250-0-270x192.webp "non solar consumers bear rs200b burden")
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