Customer services: Banks mandated to address complaints within 30 days

KARACHI: In a major move towards better customer services, the response period to banking customers in respect of their complaints with banks has been reduced by 15 days.

Under the revised Banking Companies Ordinance (BCO) of 1962, banks are now mandated to address customer’s grievances within 30 days, down from the previous 45-day limit. This change comes as part of broader reforms to enhance customer service and accountability in the financial sector.

For years, customers were facing delayed in responses to their complaints, which often left them feeling unheard. The new regulation aims to expedite the resolution process, ensuring that customers receive timely feedback and better service.

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However, now the banks have now been mandated to respond to the grievances of the complainants within 30 days instead of 45 days.

In case the complainants are not satisfied with the response of the concerned bank, they may approach the Banking Mohtasib Pakistan for redressal of their grievances within a period of 30 days.

According to the amendment made to the Banking Companies Ordinance,1962 sub-section (2) of section 82D has been substituted as under:“(2)Prior to making complaint, the complainant shall request the concerned banking company to redress the complainant’s grievances and if the banking company either fails to respond or makes a reply which is un-satisfactory to the Complainant within a period of thirty days, the complainant may file a complaint at any time thereafter within a further period of thirty days: Provided that the Banking Mohtasib may, if satisfied that there were grounds for the delay in filing the complaint, condone the delay and entertain the complaint.“

The amendment made to section 82D of the Banking Companies Ordinance,1962 has been published in the extra ordinary Gazette of Pakistan.

Copyright Business Recorder, 2024