The State Bank of Pakistan on Thursday said that complaints against banks have doubled in four years owing to effective dispute resolution and awareness of consumers.
The SBP said that the complaints against banks during past four years have increased from 774,656 in 2016 to 1,549,837 in 2019. State Bank of Pakistan (SBP) has conducted a four year (2016-2019) review of complaints against Banks/MFBs/DFIs.
The objective of the review was to gain insights on effectiveness of complaint management at banks. The salient features of the review are being published to emphasize SBP’s narrative that responsible complaint handling is the core element of Fair Treatment of Consumer.
This review is conducted in addition to various regulatory measures to enhance consumer grievance handling in the industry including the issuance of detailed guidelines on complaint management at banks and self-assessment framework. It is pertinent to mention here that responsible banking conduct and FTC is one of the key regulatory agendas of the State Bank of Pakistan.