The decision to determine whether Banks were involved in any sort of cartelisation or other wise will be given by the Competition Commission of Pakistan (CCP) in the first week of April, sources told APP here on Tuesday.
"The commission after receiving responses from 42 banks regarding the issue of cartelisation is in scrutinising process to reach a final verdict," the sources added.
The CCP had launched inquiry into the alleged cartelisation after citing advertisement by banks about their new saving products which smelt cartelisation to the Commission and it initiated inquiry.
It may be recalled that the Pakistan Banks Association (PBA), after a meeting of its members in November last had issued a circular and got published an advertisement in the national press, which said "under the auspices of Pakistan Banks' Association, all scheduled banks introduce the Enhance Savings Account (ESA). Now you (depositor) can earn 4 percent p.a. profit on your average balance up to Rs 20,000 in your PLS Savings Account". The advertisement looked-like cartelisation behaviour to CCP which took immediate action in public interest.
The commission has already warned banks and Pakistan Banking Association (PBA) that commission would not tolerate cartel like behaviour on their part and those found involved could be penalised by imposing a penalty, which may go up to Rs 50 million under Competition Ordinance, 2007. After holding hearings against 42 banks and Pakistan Banks Association the CCP had issued them notice to explain their position in a case against their alleged cartel like behaviour.
However, the sources were of the view that establishing cartelisation of banks was not easy job as it requires forensic evidence, saying that banks themselves had given advertisement in the newspapers about their new saving products.