It has been a long story by Habib Bank Ltd which has become a nightmare. The State Bank of Pakistan Circular No 29 has clearly mentioned that no markup on markup be charged from the clients but the HBL dues not refund the amount to unnecessary harass the clients to keep them names on the CIB list of State Bank of Pakistan.
The State Bank of Pakistan has miserably failed to protect the people and businesses from financial institutions, especially the Habib Bank Ltd and the National Bank of Pakistan, who create unlawfully improper accounts by fictitious figures of the borrowers for markup on markup.
There are a lot of pending matters in which the Habib Bank has charged markup on markup despite warnings of the SBP.
It is now requested of the State Bank of Pakistan to issue a clear circular on the subject matter.
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