The Banking Mohtasib of Pakistan has extended significant monetary relief to banking customers, providing over Rs. 1.06 billion during the first nine months of the current calendar year (January to September 2024). This relief came as part of the institution’s efforts to address customer grievances and resolve disputes between banks and their customers, emphasizing the importance of protecting banking clients from fraud and misconduct.
According to an official statement released by the Banking Mohtasib, nearly 18,836 complaints were resolved during this period, with the total number of complaints received reaching 21,904. This influx included 5,277 complaints lodged through the Prime Minister’s Portal, highlighting the role of digital platforms in streamlining the grievance redressal process for citizens.
Out of the resolved cases, monetary relief amounting to Rs. 972.33 million was provided by addressing 18,431 complaints, directly benefiting the complainants who sought assistance from the Banking Mohtasib’s office. The relief granted underscores the institution’s commitment to ensuring fair banking practices and providing a remedy to customers who face challenges like unauthorized transactions, service issues, and mismanagement by banks.
The Banking Mohtasib, Sirajuddin Aziz, has also stressed the importance of vigilance among banking customers, especially in an environment where fraudulent activities are becoming increasingly common. He has advised customers to safeguard their personal and financial information and to avoid sharing any details with third parties. Additionally, he urged individuals to refrain from clicking on links received through text messages or emails unless they are from verified and reliable sources. This advice is aimed at reducing the risk of falling victim to scams, phishing attempts, and unauthorized access to bank accounts.
To further combat fraudulent activities, the Banking Mohtasib recommended that customers who receive suspicious phone calls should promptly reach out to the nearest branch of their bank or utilize the bank’s helpline services. He emphasized the importance of reporting such incidents to the Cyber Crime Wing of the Federal Investigation Agency (FIA), providing details like phone numbers and the nature of the suspicious communication. This proactive approach can help track down fraudsters and protect other potential victims.
The Banking Mohtasib’s role in providing financial redress and ensuring ethical banking practices has been instrumental in maintaining trust in the banking system. The office acts as a bridge between customers and banks, working to resolve disputes that can arise from issues like unauthorized transactions, incorrect deductions, or service delays. By holding banks accountable and providing a platform for customers to seek redress, the Banking Mohtasib’s office has become a critical part of Pakistan’s financial ecosystem.
With over 21,000 complaints received in just nine months, the volume of grievances highlights the challenges faced by customers in the banking sector and underscores the need for continued vigilance against fraud and mismanagement. The office of the Banking Mohtasib serves as a reminder of the importance of transparency, customer service, and financial protection in fostering a fair banking environment.
Looking ahead, the Banking Mohtasib’s office is expected to continue playing a vital role in safeguarding the interests of banking customers and ensuring that their complaints are addressed in a timely and efficient manner. By doing so, the institution helps reinforce the accountability of banks and contributes to building a more customer-centric banking system in Pakistan, where clients can feel secure and confident in their financial transactions.