President imposes fine on UBL for filing frivolous representation, wasting time and resources.

ISLAMABAD -- President Dr Arif Alvi on Saturday imposed a fine of Rs20,000 on United Bank Ltd (UBL) over filing a frivolous representation in a disputed transaction case involving a mere amount of Rs20,000 only.

He ordered that the bank should pay the fine in addition to returning the defrauded amount to its customer as the bank adamantly filed frivolous representation wasting its resources and time as well of the Banking Mohtasib of Pakistan (BMP) and the office of the Head of State. According to an official press release, the UBL had filed a representation with the President against the orders of the BMP in a case where a customer had attempted to withdraw cash of Rs20,000 from UBL's ATM but the cash was not dispensed whereas the customer's account was debited.

The customer had also filed a complaint and submitted the Dispute Settlement Form but his complaint was rejected summarily. Feeling aggrieved, he had raised the matter with the BMP, which passed the orders of returning the disputed amount to the customer. The President rejected the UBL's representation on the grounds that the bank had failed to discharge the burden and statutory liability cast upon it under the law by failing to comply with the State Bank of Pakistan's directives that the banks shall install external cameras in ATM cabins within three months from the date of issue of SBP's circular to have secondary evidence against cash claims...