Business Desk 
Nov 13, 2024
To the delight of Pakistan's banking system, the response period for banking customers' complaints with banks has been reduced to 30 days.
The reduction in response period was shared by Banking Mohtasib Pakistan in a statement, stating that banks are now obliged to respond to their customers' grievances within 30 days instead of 45.
Under the condition of customers not being satisfied with the concerned bank, they are advised to reach Banking Mohtasib Pakistan to get their grievance redressed within a period of 30 days, according to the notification.
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According to the amendment in 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 unsatisfactory to the complainant within a period of 30 days, the complainant may file a complaint at any time thereafter within a further period of 30 days."
The delayed and unsatisfactory grievances, as stated in the aforementioned ordinance, shall only be entertained on approval from the Banking Mohtasib, after taking into consideration valid grounds for the delay in filing the complaint.
The amendment made in Section 82D of the Banking Companies Ordinance,1962 has been published in the extraordinary gazette of Pakistan.
