Banking Mohtasib Pakistan Resolves Over 25,000 Complaints, Provides Rs1.26 Billion in Relief in 2023

The Banking Mohtasib Pakistan (BMP) resolved 25,493 complaints against commercial banks in 2023, providing Rs1.26 billion in relief to customers. Out of the 36,437 complaints received during the year, 21,886 (86%) were resolved amicably through reconciliation, 676 (3%) were decided after formal hearings, and 2,931 (11%) were disposed of or rejected.

There was a 21% increase in public complaints lodged with the BMP Office compared to the previous year, but a 5% decrease in the total number of complaints due to a significant drop in complaints received on the Prime Minister's Portal. Since its inception in 2005, the BMP has provided relief of approximately Rs6.4 billion to banking customers.

The BMP's Annual Report for 2023 was presented to the President of Pakistan, Dr. Arif Alvi, and the Governor of the State Bank of Pakistan, Jameel Ahmad. They appreciated the BMP's vital role in overseeing commercial banking operations and ensuring prompt and effective resolution of customer grievances. President Alvi commended the BMP for its commitment to providing free services and promoting good governance.

Why this matters: The Banking Mohtasib Pakistan plays a critical role in safeguarding the rights of banking customers and ensuring fair treatment by commercial banks. The significant amount of relief provided to customers in 2023 emphasizes the effectiveness of the BMP in addressing and resolving customer complaints, fostering trust and confidence in the banking sector.

The Banking Mohtasib Pakistan has urged banks to launch public awareness campaigns to educate customers on fraud prevention and secure banking practices. The BMP also plans to initiate a robust public awareness campaign in regional languages to protect consumers from fraudulent activities. "The BMP has emphasized the need for banks to take steps to ensure the security of customers' deposits," stated the annual report.

Key Takeaways

• Banking Mohtasib Pakistan resolved 25,493 complaints, providing Rs1.26bn in relief to customers.
• There was a 21% increase in public complaints, but a 5% decrease in total complaints.
• Since 2005, the BMP has provided Rs6.4bn in relief to banking customers.
• The BMP urged banks to launch public awareness campaigns on fraud prevention and secure banking.
• The BMP emphasized the need for banks to ensure the security of customers' deposits.