The top representatives of Pakistan Banks Association (PBA) and presidents of all the banks will meet on Wednesday to discuss the situation arising out of the judgement of Competition Commission of Pakistan (CCP).
The CCP in a judgement on Tuesday imposed a fine of Rs 25 million on each of seven banks and Rs 30 million on PBA upon finding them guilty of "cartel-like" behaviour. According to sources the meeting is expected to gauge the response of the banks and the PBA to the CCP judgement.
The meeting will also look into the possibility of approaching the State Bank of Pakistan, under whose orders the scheme was devised, which was later found guilty of a "cartel-like behaviour" by the CCP. The some senior bankers requesting anonymity told Business Recorder that they strongly felt the CCP had erred as the scheme it was objecting to had resulted in reducing banks profitability and increasing small depositors profit. Further, they recalled a meeting of these banks and PBA with governor State Bank of Pakistan Dr Shamshad Akhtar in which she had also stressed upon the banks (besides the seven banks which were subjected to penalty by the CCP), to adopt the same scheme for the benefit of small depositors.
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