Banking Law

Lawyers who specialize in banking law help banks and other financial institutions to understand the laws that govern their business practices. These laws are designed to protect consumers and ensure the stability of the financial system. Lawyers often work with banks to create policies and procedures that will comply with the relevant regulations. They may also represent banks in court if there are disputes about compliance with banking regulations.

Banking law regulates

Banking laws may exist in order to achieve many objectives. Some of these objectives include: Provide transparency for consumers Reduce risk for banking customers Avoid misuse of banks for purposes like money laundering Allow consumers to bank with confidentiality Prevent other crimes Provide fair banking and equal opportunities for banking Prevent terrorism Create fair debt collection practices Make credit card agreements fair to consumers Prevent banks from making unfair loans to insiders like officers and principal shareholders Allow customers to reasonably raise disputes Other goals Major Banking Laws

Complaining to the Banking Ombudsman in Pakistan

This office is based on the concept of an undercover officer used by the Qin Dynasty in China. The purpose of this officer was to monitor government officials and their abuse of power. The ombudsman or Mohtasib is a state official appointed to provide a check on governmental activity in the interest of citizens and to oversee the complaints of citizens. Given the growth of private industry and its importance, the office of Ombudsman was introduced in different industries and enterprises to resolve disputes. The Ombudsman is a transparent and autonomous body or authority that refers disputes to be resolved. The office of the Ombudsman has become increasingly popular in recent years for a number of reasons. Ombudsman schemes have been shown to be effective in resolving disputes, and can help improve service quality and efficiency levels by identifying weaknesses during disputes and recommending improvements. They also provide a cost-effective dispute resolution forum, and can help reduce backlogs from the courts. The informal, flexible and quick process of dispute resolution offered by the office is also appealing, as is the fact that documents before the office remain private and confidential.

There are five different types of ombudsmen in Pakistan:

1. The Federal or Wafaqi Ombudsman

2. The Provincial Ombudsman

3. The Federal Tax Ombudsman

4. The Insurance Ombudsman

5. The Banking Ombudsman

6. The Federal or Provincial Ombudsman for women

Laws Regulations the Office of Banking Ombudsman

Banking Ombudsman was created in Pakistan in 1997 as a way to help customers of banks resolve complaints about services provided by the banks. The Banking Ombudsman is a quasi-judicial authority that operates under the Banking Companies Ordinance of 1962. Some of the important features of this amendment are as follows:

-The authority was created in order to help customers of banks resolve complaints about services provided by the banks -The Banking Ombudsman is a quasi-judicial authority that operates under the Banking Companies Ordinance of 1962.

-The authority was created pursuant to a decision made by the Government of Pakistan. The Ombudsman is responsible for receiving complaints from customers against banks. This can include complaints about deposit accounts and loans, credit card complaints, lack of services, service charges without prior notice, and unfair practices. The Ombudsman is fully staffed and funded by the State Bank of Pakistan instead of the banks.

The complainant has the right to file a complaint in any form, including online. If the complainant is not satisfied with the award given by the Banking Ombudsmen, they have the right to appeal to the President. If the complainant is still not satisfied with the outcome, they have the right to approach a court of law for redressal of their grievance.

Blue Collar Crime Scope in Pakistan

Which Bank Matters the Banking Ombudsman / Banking Mohstasib can decide?

If you have a complaint about a bank, you can enquire into the following complaints: - Against perverse, arbitrary or discriminatory actions
- Against violations of banking laws, rules, regulations or guidelines
- Against inordinate delays or inefficiency
- Against corruption, nepotism or other forms of maladministration

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Which Types of Complaints can be files before the Banking Ombudsman / Banking Mohtasib?

Cheques, drafts, and bills not being paid on time or collections being delayed, without proper justification Rejecting small denomination notes without sufficient cause and then charging commission for the service Inward remittances not being paid on time or at all Issuing of drafts, pay orders, or bankers’ cheques being delayed Not adhering to prescribed working hours

Blue Collar Crime Scope in Pakistan

Procedure for filing Complaint before the Banking Ombudsman

The process for filing a complaint before the Banking Mohtasib is as follows: If you have been affected by any act of malpractice or maladministration on the part of a bank or its officials, you may file a complaint in the prescribed format and manner before the Banking Ombudsman. The complaint form can be downloaded at The complainant is first required under the law to file a grievance petition showing their intention to approach the Banking Mohtasib, to the bank in order to resolve the dispute within 45 days.

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Procedures Adopted by the Banking Ombudsman

It's important to know that before you can file a complaint with the Banking Ombudsman, you'll need to appear in person. This means you won't need to appoint a lawyer. Once you've filed your complaint, the Ombudsman will contact the bank in question and ask them to appear so they can file a detailed reply. The Ombudsman has all the same powers as a civil court when it comes to inquiring, investigating and calling for records. Usually, the matter is decided within three months from the date of filing the complaint.

Lahore Office

Main Boulevard Gulberg, Main Market, Lahore, Punjab 54000
Mr. Ahmed Burhan

Faisalabad Office

Burhan Center, 97-99, Gulistan Market Railway Road, Faislabad, Pakistan
Mr. Ahmed Burhan

UK Office

Associate Office (London)
Mr. Ahmed Burhan

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