AGL 23.47 Decreased By ▼ -0.93 (-3.81%)
AIRLINK 106.11 Decreased By ▼ -3.18 (-2.91%)
BOP 5.17 Decreased By ▼ -0.12 (-2.27%)
CNERGY 3.66 Decreased By ▼ -0.01 (-0.27%)
DCL 7.80 Decreased By ▼ -0.20 (-2.5%)
DFML 44.19 Decreased By ▼ -0.11 (-0.25%)
DGKC 88.50 Decreased By ▼ -0.30 (-0.34%)
FCCL 21.75 Decreased By ▼ -0.24 (-1.09%)
FFBL 42.52 Increased By ▲ 0.24 (0.57%)
FFL 8.75 Decreased By ▼ -0.15 (-1.69%)
HUBC 147.80 Decreased By ▼ -3.90 (-2.57%)
HUMNL 10.25 Decreased By ▼ -0.10 (-0.97%)
KEL 4.34 Decreased By ▼ -0.11 (-2.47%)
KOSM 3.79 Decreased By ▼ -0.16 (-4.05%)
MLCF 36.40 Decreased By ▼ -0.20 (-0.55%)
NBP 49.30 Increased By ▲ 0.14 (0.28%)
OGDC 130.85 Decreased By ▼ -0.85 (-0.65%)
PAEL 25.95 Decreased By ▼ -0.36 (-1.37%)
PIBTL 6.05 Decreased By ▼ -0.02 (-0.33%)
PPL 114.55 Decreased By ▼ -0.90 (-0.78%)
PRL 22.60 Decreased By ▼ -0.07 (-0.31%)
PTC 12.37 Decreased By ▼ -0.13 (-1.04%)
SEARL 55.70 Decreased By ▼ -0.49 (-0.87%)
TELE 7.25 Decreased By ▼ -0.15 (-2.03%)
TOMCL 36.40 Decreased By ▼ -1.29 (-3.42%)
TPLP 7.95 Decreased By ▼ -0.39 (-4.68%)
TREET 15.29 Decreased By ▼ -0.04 (-0.26%)
TRG 56.70 Decreased By ▼ -3.26 (-5.44%)
UNITY 31.85 Decreased By ▼ -0.49 (-1.52%)
WTL 1.17 Decreased By ▼ -0.01 (-0.85%)
BR100 8,295 Decreased By -111.5 (-1.33%)
BR30 26,102 Decreased By -351.9 (-1.33%)
KSE100 78,469 Decreased By -927.7 (-1.17%)
KSE30 25,198 Decreased By -319.9 (-1.25%)

KARACHI: The State Bank of Pakistan (SBP) has directed banks to further improve the consumer grievance handling mechanism deployed at their end.

The SBP is in continuous pursuit of strengthening the consumer protection regime and market conduct of the industry. Amongst other efforts, the SBP is focusing on improvement in grievance handling mechanisms at banks, microfinance banks (MFBs) and Development Finance Institutions (DFIs) (hereinafter referred to as banks) with the aim to provide more affordable, accessible, fair, accountable, and efficient grievance redressal.

For this purpose, various measures have been taken by the SBP to enhance responsible complaint handling by the banks as they handle more than 97 percent of complaints related to the banking industry, in a year. Recently, the SBP conducted a detailed review of complaint handling practices at banks, primarily focusing on ‘ease of lodgment’, and ‘quick and fair disposal’ of complaints.

Now, based on the findings of the review and the role of complaints in improvising banking services, the SBP has directed banks to enhance the grievance handling mechanism deployed at their end.

In order to make complaint lodgment at banks easier and accessible, the SBP has prescribed mandatory modes of complaint lodgment to banks with a direction to ensure their availability and accessibility at all times.

These modes include call centers, emails, e-forms, surface mail, fax, and complaint boxes/registers. Additionally, the banks have also been encouraged to invest in innovative modes of complaint lodgment like receiving complaints through SMS/Call Back Service, mobile applications, self service kiosks and other social media platforms. Such investment will not only boost convenience for customers rather it will help banks capture/handle complaints in a better way.

Banks have also been advised to send awareness SMS messages at least on a bi-annual basis to create adequate awareness regarding the complaint lodgment modes deployed.

Copyright Business Recorder, 2021

Comments

Comments are closed.