Will provide 1 billion relief to banking customers by the end of the year: Banking Ombudsman.

KARACHI -- Banking Ombudsman Pakistan Muhammad Kamran Shehzad said that more than 40 thousand customer complaints were received this year in which relief of 600 million was provided and it is hoped that relief of up to one billion rupees will be provided by the end of the year. He expressed these views on the occasion of his visit to Korangi Association of Trade and Industry (KATI).

KATI President Salman Aslam, KITE CEO Zubair Chhaya, Senior Vice President Maheen Salman, Vice President Farrukh Qandhari, Former Presidents Johar Qandhari and Adviser Banking Ombudsman Nauman Qureshi were also present at the event.

Banking Ombudsman Pakistan Muhammad Kamran Shahzad further said that the institution aims to resolve disputes between banks and customers, in this regard the banking ombudsman takes action on violations of banking and state bank laws. Consumers can register their complaints through the Banking Ombudsman website or in writing for prompt redressal. He said that the institution was established in 2005, but at that time the activities were under the State Bank.

Later in 2013, the Banking Ombudsman was formally nationalized and handed over to the government.

Muhammad Kamran Shahzad further said that the banking ombudsman is equivalent to a judge of the high court, while after the decision of the ombudsman can be appealed to the President of Pakistan.

The Banking Ombudsman of Pakistan further said that so far more than 1.5 lakh cases have been decided out of which only 70 or 80 cases have gone to the Supreme Court in appeal.

He said that 95 percent of the decisions have been accepted which is commendable.

Earlier, KATI President Salman Aslam said that the banking sector in the country is developing rapidly, but due to the increase in interest rates by the State Bank and the imposition of taxes on the banking sector by the...