AUGAF
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
PSX
Currencies
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
AUGAF
No Result
View All Result
Home Technology

Banking Account Not Mandatory For Lodging Complain With Bank Says SBP

admin-augaf by admin-augaf
July 14, 2021
in Technology
Reading Time: 4 mins read
0
SBP
Share on FacebookShare on TwitterWhatsapp

Karachi July 13 2021: State Bank of Pakistan (SBP) recognizes that effective and efficient Consumer Grievance Handling Mechanism (CGHM) is a crucial element of Fair Treatment of Consumer (FTC) regime. Accordingly, various measures have been taken by SBP to enhance responsible complaint handling by the banks/MFBs/DFIs (hereinafter referred as banks) like issuance of detailed guidelines on consumer grievances handling mechanism, introduction of conduct assessment framework, supervisory assessments of complaint handling and increased consumer awareness. Recently, a detailed review of complaint handling practices at banks was also conducted focusing on the qualitative aspects of ‘ease of lodgment’, ‘capacity and resources’, ‘recording and processing’ and ‘monitoring’. In light of the review, following instructions on the consumer grievance handing mechanism are being issued.


A L S O || R E A D

Companies Generate Record Funds Through Pakistan Stock Exchange In 2021


  1. In order to enhance ease in complaint lodgment, banks are advised to ensure that following  mandatory modes are available for complaint lodgment at all times for convenience of the customers:
    1. Call Center
    2. Email
    3. E-forms
    4. Surface Mail
    5. Fax
    6. Complaint boxes/Registers
  2. In addition to mandatory modes of complaint lodgment, banks are encouraged to invest and focus on adopting innovative modes of complaint lodgment that best suit their customer profile e.g. complaints lodgment through SMS/ call back service/ mobile application, self-service kiosks, social media platforms like Twitter, Facebook and WhatsApp, etc. Moreover, the consumers who have no customer relationship with the bank should not be refused to lodge a complaint relating to a bank service for which a bank account is not required.
  3. In addition to the existing requirements of consumer awareness about complaint lodgment and handling procedures, banks will send SMS atleast on bi-annual basis to all of their customers specifically informing them about the modes of complaint lodgment.
  4. All complainants must be provided with complaint tracking number through SMS and emails. The tracking number must not be given through calls alone. Further, it should preferably be auto generated. Similarly, the complainants must be adequately informed about the modes through which they can track status of their complaints.
  5. The resolution of the complaints/ final replies should be centralized so that the nature of disposal/ decision made can be tracked for analysis. It is encouraged if the same is entered in or integrated with Complaint Management System (CMS). Further, final responses must be communicated in writing and not only through calls, especially in cases where the complaint is declined. In case of complaint lodged in Urdu, the banks are advised to respond in the same language.
  6. The regulatory returns template prescribed under BC&CPD Circular No. 1 of 2016 have been revised in light of the need for improved data quality and industry feedback. The revised complaint categories must be adopted as bare minimum requirement. In case of more categories defined by the banks internally, same must be mapped with regulatory categories for reporting purposes for consistency and accuracy. The classification of complaints in appropriate category should be monitored regularly. The change in category of complaint in the CMS may be allowed with caution so that it may be reviewed by senior officer in hierarchy and corrective action may be taken later, where required. Further, the quarterly reporting on the aforementioned templates must be submitted to Director, Banking Conduct & Consumer Protection Department after review and endorsement by FTC owner of the bank and Head of Compliance respectively.
  7. The banks should segregate the categories of complaints in major and minor nature. These should be properly incorporated in CMS and the Turn Around Time (TAT) should also be monitored accordingly. The major categories of complaint may be those that require more than 7 working days for resolution as per the turnaround time requirement given in BC&CPD Circular No. 1 of 2016, whereas, minor categories may be resolved within 7 working days. Banks may further bifurcate minor nature of complaints into two categories. i.e. a) Resolution within 3 working days b) Resolution within 7 working days. The complaints that may be categorized to be resolved within 3 working days may include small issues like non-delivery of statement of account, activation of account/ internet banking, chequebook issuance, change of address, etc.
  8. Banks will ensure that the complaint handling function/ department is adequately supported in terms of human resources, IT needs, trainings, etc.
  9. Banks should ensure availability of feedback mechanism on complaint resolution and grievance handling mechanism.
  10. The compliance of the above instructions should be ensured by September 30, 2021. Further, the revised template attached herewith must be submitted within 15 days after close of each quarter. The first data on revised templates will be submitted by January 15, 2022 based on data for December Quarter 2021.

A L S O || R E A D

Cuba Offered Pakistan To Establish COVID Vaccine Plant For Exports


Source: State Bank of Pakistan
admin-augaf

admin-augaf

Related Posts

Tax Exemption for IT Freelances
Business

Pakistan Technology Exports Declined 3% In February 2023

March 20, 2023
TRG Pakistan to book above 7 Billion rupees gain on its Investment
Business

TRG To Enhance Portfolio Value For Monetization

March 5, 2023
IMF
Business

Majority Of The Central Banks Not Have National Cyber Strategy – IMF

March 4, 2023

Recent News

IMF,

IMF Sees ‘Substantial Progress’ by Pakistan Toward Loan Program

March 21, 2023
Tax Exemption for IT Freelances

Pakistan Technology Exports Declined 3% In February 2023

March 20, 2023
Japan Plans $75 Billion Investment Across Indo-Pacific To Counter China

Japan Plans $75 Billion Investment Across Indo-Pacific To Counter China

March 20, 2023
Rich To Pay For 100 Rupees Subsidy On Petrol For Poor People – Pakistan Petroleum Minister

Rich To Pay For 100 Rupees Subsidy On Petrol For Poor People – Pakistan Petroleum Minister

March 20, 2023
PSX Added 30 New Companies To Shariah Compliant Index

Pakistan Stock Exchange Changes Two Brokerage Houses To Trading Only Category

March 20, 2023

Popular News

  • Central Directorate of National Savings

    President Prohibit National Savings For Changing Rates on Existing Certificates Retrospectively

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Appreciate against Dollar in Interbank as IMF Confirmed Board Review Date

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Fall After 13 Days of Successive Gains against Dollar on Lower Remittances and Strengthening of US Dollar

    0 shares
    Share 0 Tweet 0
  • Pakistan Central Bank Issued Show Cause Notice to Eight Banks Over Currency Speculation

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Fall for the Straight Second Day Against Dollar on Opening of LCs

    0 shares
    Share 0 Tweet 0

Categories

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology
AUGAF Logo

Follow us on social media:

Recent News

  • IMF Sees ‘Substantial Progress’ by Pakistan Toward Loan Program
  • Pakistan Technology Exports Declined 3% In February 2023
  • Japan Plans $75 Billion Investment Across Indo-Pacific To Counter China

Category

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology

Recent News

IMF,

IMF Sees ‘Substantial Progress’ by Pakistan Toward Loan Program

March 21, 2023
Tax Exemption for IT Freelances

Pakistan Technology Exports Declined 3% In February 2023

March 20, 2023
  • Home
  • Politics
  • News
  • Business
  • National
  • Finance
  • Technology
  • International

© 2021 AUGAF.

No Result
View All Result
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • Commodities
  • Contact

© 2021 AUGAF.