The Banking Mohtasib Pakistan has amended the Banking Companies Ordinance, mandating commercial banks to address customer complaints within 30 days, a reduction from the previous 45-day period. This change aims to expedite the resolution of service-related issues faced by banking customers.

According to an official statement, “The response period to banking customers’ complaints has been reduced by 15 days. Banks are now required to respond to grievances within 30 days, as opposed to the 45 days previously prescribed under the Banking Companies Ordinance, 1962.”

If customers are dissatisfied with a bank’s response, they can escalate their grievances to the Banking Mohtasib Pakistan within 30 days. The amendment to the ordinance specifies that before filing a complaint with the Mohtasib, customers must first seek resolution from the concerned bank. If the bank fails to respond or provides an unsatisfactory reply within 30 days, customers may then file a complaint within an additional 30-day period. The Banking Mohtasib has the discretion to condone delays in filing complaints if justified.

This amendment to section 82D of the Banking Companies Ordinance, 1962, has been officially published in the Extraordinary Gazette of Pakistan, underscoring the commitment to improving customer service in the banking sector.