Banking transparency vital to end consumers’ exploitation: President

ISLAMABAD, Oct 1 (APP): President Dr Arif Alvi on Thursday said procedural transparency in the banking sector was important to keep a control on financial exploitation of consumers.

Addressing a seminar organized by the Banking Mohtasib (Ombudsman) here, the president urged the banks to adopt such a pattern to effectively address the grievances of consumers in case of disputes.
He said the Banking Mohtasib was playing an important role in mediating between two parties, i.e. banks and consumers, to arrive at an amicable and acceptable solution.

He stressed creating awareness among the consumers about the role of Banking Mohtasib.

Dr Alvi said the use of information technology had given the banking sector a new dimension, that also required an appropriate system in place to cope with complaints of the consumers.

He termed Riba another form of exploitation and emphasized on finding solutions through proactive planning and improved link between the financial service providers and the consumers.

He said the increase in the number of complaints received by the Banking Mohtasib was the trust reposed by consumers in the institution.

President Alvi recalled that as a parliamentarian, he worked on alternate dispute resolution as a mean to discourage litigation among parties. Such a method was a worldwide trusted way to resolve disputes in order to avoid difficulties related to the gathering of legal proofs.

He stressed the need for ensuring dispensation of speedy justice by the relevant departments of Ombudsman.

He gave a reference of an appeal received from a widow through the Federal Ombudsman on a pending matter since 2006, where he directed for compensation of money along with interest of previous years as well.

He urged the workers of Banking Mohtasib to fulfil their duties considering it a noble job of public welfare.

President Alvi called upon the banking sector to adopt an inclusive approach towards women and disabled persons in providing employment opportunities.

The seminar was attended by members of the banking and corporate sectors, and financial experts.

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