KARACHI: On the order of Banking Mohtasib Pakistan, one of the leading commercial banks has made payment of Rs561,211 being the difference of the profit from the agreed rate of return and the payment of profit earlier made by the Bank to the complainant.
The complainant lodged a complaint with the Banking Mohtasib that the concerned Bank had approached him for invest in Fixed Term Deposit at a fixed rate of 12.10 percent per annum on the assurance that upward or downward change in discount rate of State Bank of Pakistan will not affect his profit rate.
Accordingly, the customer invested an amount of Rs11 million in February, 2020 and got the profit in February and March, 2020 on the same rate. However, in April, 2020, the Bank reduced the rate of return.
The complainant approached the bank to give him the agreed rate of profit i.e.12.10 percent, but his request was declined.
The investor filed complaint with Banking Mohtasib Pakistan, who took up the matter with the Bank, and after formal hearing of the complaint directed the Bank to recalculate the profit and credit the balance amount to the Complainant’s account.
In compliance with the order of Banking Mohtasib Pakistan, the Bank finally made payment of Rs561,211 as per findings of the BMP to the complainant by crediting his account.—PR
Copyright Business Recorder, 2021
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