Money, Finance and Banking Blog in Pakistan
Posts tagged Consumer Rights
Meezan Bank Conducts Islamic Banking Seminars
Jan 20th
Meezan Bank Limited conducted a series of seminars on Islamic Banking at 20 locations in various cities across Pakistan. These seminars were in line with the bank’s vision of making Islamic banking the banking of first choice and to increase the awareness amongst the general public about the importance and benefits of Islamic banking, says the bank’s press release.
Islamic banking has grown very rapidly in Pakistan but people are generally not clear on the concepts on which it is based. These seminars would dispel the misunderstandings about Islamic banking, give access to the general public for one-on-one discussions, answer queries, More >
Banks Not to Report Payment Delay Without Customer Information
Jan 13th
Banks in Pakistan have been directed by State Bank of Pakistan (SBP) to inform customers through written communication before reporting their names for 90 dpd (days past due) to Electronic Credit Information Bureau (eCIB).
Customers will need to be informed by banks at least 15 days in advance before reporting his / her name for payment delay of 90 days. Fifteen days time will allow customer to contact, contest, reconcile or settle his outstanding liabilities with the concerned bank. The letter to customer by the bank will also intimate him of implications of his name being reported to eCIB.
We think that this is More >
Blind in Pakistan Demand ATM Cards
Aug 7th
Around 50 blind people have staged a protest in front of State Bank of Pakistan (SBP) in Karachi to press their demands for issuance of Automated Teller Machine (ATM) cards.
The protestors chanted slogans against policies of the banks and demanded amendments in policies to allow them to get ATM cards. The protest was organized by Zahid Abdullah, an activist about right to information and disability issues, based in Islamabad.
According to Zahid current practices of Pakistani commercial banks are contrary to the United Nations Declaration on Human Rights (UNDHR), the UN Convention on the Rights of Persons with Disabilities (UNRPWD) and the More >
CCP Fines Seven Large Banks Rs25 million Each
Jul 24th
The Competition Commission of Pakistan (CCP) has fined Rs25m each of the seven large banks along with Pakistan Banks Association (PBA) for acting against the rights of consumers.
The commission in its report issued recently had accused banks of showing disturbing aspects of collusive behavior against the pubic interest.
Inefficiencies of the banking system, reflected in very high spreads, continually come to light according to report.
Even State Bank of Pakistan (SBP) had taken notice of this situation and had advised all banks to pay a minimum of 5 percent per annum profit on savings accounts.
‘Banks collusive behavior has raised questions of cross-subsidies More >
Supreme Court Wants Banks to be Gentle With Customers
Jun 24th
The Supreme Court of Pakistan on Monday disposed of a suo motto case regarding proper seating and other arrangements in commercial banks for depositing utility bills, reports The News.
State Bank of Pakistan (SBP) had asked all scheduled banks in the country to collect utility bills through its circular on June 6, 2006, after Supreme Court of Pakistan’s guidelines came in this regard.
Banks were also asked to provide drinking water and sheds to the consumers who have to stand in queue outdoors during the hot season.
Muhammad Saleem, Senior Joint Director, appearing on behalf of the SBP informed the court of above cited More >
