BackAccording to the Banking Companies (Amendment) Act 1997, the Banking Mohtasib is responsible for the banking sector. He has the power to deal with complaints from customers, borrowers, banks or from any organization concerned against banks in the public sector.
The incumbent is appointed by the President in consultation with the Governor of the State Bank of Pakistan for a three year term. In order to investigate complaints, the Ombudsman is able to request a bank to disclose any information while ensuring that banking confidentiality will be maintained. The Mohtasib’s mandate includes enquiries into complaints of malpractices, arbitrary or discriminatory actions, violations of banking laws, rules or guidelines, inordinate delays or inefficiency as well as corruption, nepotism or any other form of maladministration.
Whenever necessary, the Banking Mohtasib may file a report to the State Bank in order to recommend inquiries or legal proceedings against a bank or against bank officers in question.
Following recommendations by the Secretary General and the competent Regional President and in conformity with the advice by the Executive Committee, the Board of Directors acknowledged that the Banking Mohtasib, as a federal institution established by a legislative instrument which governs all of the Ombudsmen in Pakistan, contributes to the promotion of administrative justice and procedural fairness in public organizations. The Board of Directors decided that the Banking Mohtasib qualified for Voting membership set out in Article 6 (2) of the IOI By-laws and therefore accepted the Banking Mohtasib as Voting member of the IOI.
