In a significant move to enhance customer service standards, the Banking Mohtasib Pakistan has amended the Banking Companies Ordinance, reducing the response time for banks to address customer complaints from 45 days to 30 days. The amendment, aimed at accelerating resolution times and improving the banking experience for customers, was published in the Extraordinary Gazette of Pakistan.
According to an official statement, commercial banks are now mandated to respond to customer complaints within a 30-day period, instead of the previously allowed 45 days. “The response period for addressing banking customers’ complaints has been reduced by 15 days. Banks are now required to resolve grievances within 30 days as per the revised ordinance,” the statement read.
Under the updated sub-section (2) of Section 82D in the Banking Companies Ordinance (BCO) 1962, customers are encouraged to first reach out to their banks to seek resolution. If a bank either fails to respond or provides an unsatisfactory reply within the 30-day timeframe, customers may then escalate the matter to the Banking Mohtasib Pakistan. Complainants must do so within an additional 30 days, ensuring a structured timeframe for redressal.
Furthermore, the amendment includes a provision for delayed complaints. The Banking Mohtasib has the authority to consider and condone delays if valid grounds for the delay are provided by the complainant.
The Banking Mohtasib Pakistan’s amendment to the ordinance reflects an ongoing commitment to improving service standards and customer satisfaction across the banking sector.
