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. … Continue reading Banking transparency vital to end consumers’ exploitation: President