The Banking Ombudsman of Pakistan has taken a significant step to improve customer service by reducing the complaint resolution time from 45 to 30 days.
New Regulations Bring Swift Responses
In a move welcomed by many, the Banking Ombudsman of Pakistan has updated the Banking Companies Ordinance, 1962. Now, banks must address customer grievances within a month. This change aims to enhance accountability and ensure that customers receive timely responses to their issues.
Sirajuddin Aziz, the Banking Mohtasib, emphasized that this update is part of a broader effort to improve the banking sector’s transparency and responsiveness. “We want to ensure that every customer feels heard and valued,” he stated during the announcement.
Additionally, the ombudsman’s office has the authority to accept delayed complaints, provided there are valid reasons for the delay. This flexibility ensures that genuine cases are still addressed, even if initial timelines aren’t met.
Impact on Customers and Banks
The revised guidelines have already shown positive results. In the first nine months of 2024, the Banking Mohtasib’s office resolved 18,836 complaints, disbursing over Rs1.06 billion in monetary relief. This marks an increase from the previous year’s Rs972.33 million relief for 18,431 complaints during the same period.
Key Highlights:
- Increased Efficiency: Faster resolution times mean customers spend less time waiting for answers.
- Higher Relief Amounts: More significant monetary relief indicates better support for affected customers.
- Greater Accountability: Banks are now under more pressure to address issues promptly.
Rising Fraudulent Activities: A Growing Concern
Amid these positive changes, the Banking Mohtasib has also highlighted a surge in fraudulent activities. Sirajuddin Aziz urged customers to be vigilant about their personal and financial information.
“Fraudsters are getting smarter,” Aziz warned. “Never share your banking details with third parties or click on unverified links.”
He also recommended that customers report any suspicious calls to their banks or the FIA Cyber Crime Wing. This proactive approach is crucial in safeguarding both personal and financial security.
Statistical Overview
| Year | Complaints Resolved | Monetary Relief (Rs) |
|---|---|---|
| 2023 | 18,431 | 972.33 million |
| 2024 | 18,836 | 1.06 billion |
The table above illustrates the growth in both the number of complaints resolved and the total monetary relief provided by the Banking Mohtasib’s office. This upward trend reflects the effectiveness of the new regulations and the increased efficiency of the complaint resolution process.
Customer Feedback and Reactions
Many customers have expressed relief over the reduced resolution time. One customer shared, “It’s a relief to know that my complaints will be addressed faster. It shows that the banking sector is taking our concerns seriously.”
However, some banks have voiced concerns about the increased pressure to resolve complaints within the shorter timeframe. “While we support the initiative, we need adequate resources to handle the increased volume of complaints efficiently,” a bank representative commented.
Looking Ahead
The Banking Ombudsman’s office is optimistic about the future. Plans are underway to further streamline the complaint resolution process and incorporate more digital tools to assist both customers and banks.
“We’re committed to continuous improvement,” Aziz added. “Our goal is to create a more transparent and customer-friendly banking environment.”
Advice for Customers
To make the most of the new regulations, customers are advised to:
- Document Everything: Keep records of all communications with your bank regarding complaints.
- Stay Informed: Understand your rights and the new complaint resolution timelines.
- Report Suspicious Activities: Immediately notify your bank or authorities if you encounter any fraudulent activities.
By staying proactive and informed, customers can navigate the banking system more effectively and ensure their grievances are addressed promptly.
