AIRLINK 204.45 Increased By ▲ 3.55 (1.77%)
BOP 10.09 Decreased By ▼ -0.06 (-0.59%)
CNERGY 6.91 Increased By ▲ 0.03 (0.44%)
FCCL 34.83 Increased By ▲ 0.74 (2.17%)
FFL 17.21 Increased By ▲ 0.23 (1.35%)
FLYNG 24.52 Increased By ▲ 0.48 (2%)
HUBC 137.40 Increased By ▲ 5.70 (4.33%)
HUMNL 13.82 Increased By ▲ 0.06 (0.44%)
KEL 4.91 Increased By ▲ 0.10 (2.08%)
KOSM 6.70 No Change ▼ 0.00 (0%)
MLCF 44.31 Increased By ▲ 0.98 (2.26%)
OGDC 221.91 Increased By ▲ 3.16 (1.44%)
PACE 7.09 Increased By ▲ 0.11 (1.58%)
PAEL 42.97 Increased By ▲ 1.43 (3.44%)
PIAHCLA 17.08 Increased By ▲ 0.01 (0.06%)
PIBTL 8.59 Decreased By ▼ -0.06 (-0.69%)
POWER 9.02 Decreased By ▼ -0.09 (-0.99%)
PPL 190.60 Increased By ▲ 3.48 (1.86%)
PRL 43.04 Increased By ▲ 0.98 (2.33%)
PTC 25.04 Increased By ▲ 0.05 (0.2%)
SEARL 106.41 Increased By ▲ 6.11 (6.09%)
SILK 1.02 Increased By ▲ 0.01 (0.99%)
SSGC 42.91 Increased By ▲ 0.58 (1.37%)
SYM 18.31 Increased By ▲ 0.33 (1.84%)
TELE 9.14 Increased By ▲ 0.03 (0.33%)
TPLP 13.11 Increased By ▲ 0.18 (1.39%)
TRG 68.13 Decreased By ▼ -0.22 (-0.32%)
WAVESAPP 10.24 Decreased By ▼ -0.05 (-0.49%)
WTL 1.87 Increased By ▲ 0.01 (0.54%)
YOUW 4.09 Decreased By ▼ -0.04 (-0.97%)
BR100 12,137 Increased By 188.4 (1.58%)
BR30 37,146 Increased By 778.3 (2.14%)
KSE100 115,272 Increased By 1435.3 (1.26%)
KSE30 36,311 Increased By 549.3 (1.54%)

ISLAMABAD: President Dr Arif Alvi has imposed a fine of Rs20,000 on United Bank Ltd (UBL) over filing a frivolous representation in a disputed transaction case involving a mere amount of Rs20,000 only.

The president ordered that the bank should pay the fine in addition to returning the defrauded amount to its customer as the bank adamantly filed frivolous representation wasting its resources and time as well of the Banking Mohtasib of Pakistan (BMP) and the office of the Head of State. The UBL had filed a representation with the president against the orders of the BMP in a case where a customer had attempted to withdraw cash of Rs20,000 from UBL’s ATM but the cash was not dispensed whereas the customer’s account was debited. The customer had also filed a complaint and submitted the Dispute Settlement Form but his complaint was rejected summarily. Feeling aggrieved, he had raised the matter with the BMP, which passed the orders of returning the disputed amount to the customer.

The president rejected the UBL’s representation on the grounds that the bank had failed to discharge the burden and statutory liability cast upon it under the law by failing to comply with the State Bank of Pakistan’s directives that the banks shall install external cameras in ATM cabins within three months from the date of issue of SBP’s circular to have secondary evidence against cash claims to satisfy the customers.

He further observed that the bank also failed to comply with SBP’s instructions that for record keeping relating to complaints; banks are required to follow instructions contained in Prudential Regulations, and where CCTV footage is considered part of circumstantial evidence, it must be retained at least for two months, and for complaints escalated to Courts, all related evidence should be retained till the final decision.

The president held that UBL had failed to provide its investigation report and requisite information to BMP office despite follow up and being given the opportunity during the hearing, as well

The president rejected the UBL’s representation filed against the orders of the BMP wherein BMP had rejected the view point of the bank terming it baseless and without any evidence.

Copyright Business Recorder, 2023

Comments

Comments are closed.