Writing for The Express Tribune, Salman Siddiqui reports that Pakistan’s banking ombudsman has stated that justice to consumers is being delayed in one out of every five cases due to banks not responding to complaints.
The highest number of complaints are against the top five banks in the country, with 85% of complaints being lodged against the top 10-11 banks over the past five years. The ombudsman has resolved disputes worth almost Rs 1 billion in the past year and amicably resolved 62% of the 35,265 complaints received in 2022.
The ombudsman explained that banks often do not share basic requirements such as evidence, records, and documents, which leads to a delay in resolving complaints. Some banks even deliberately delay sharing information, giving the impression that they are trying to hide the truth.
Examples of complaints dealt with by the ombudsman include a bank charging an annual renewal fee for a blocked credit card, unauthorized use of digital banking, and issues with ATM machines and financial transactions abroad.
The ombudsman stated that while dissatisfied parties have the right to appeal to the President of Pakistan, the President has upheld 98% of the decisions made by the ombudsman. Out of 175,000 complaints resolved over the past five years, only 350 are in the courts.
To improve outreach, the ombudsman has opened two new offices in Faisalabad and Muzaffarabad and introduced an online portal for customers to lodge and track complaints.
To read the full article visit www.tribune.com.pk
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I am concerned to hear that one in five consumer cases in Pakistan is experiencing delays in receiving justice due to banks not responding to complaints promptly.