Section 82E: Recommendations for implementation

82E. Recommendations for implementation.--(1) In the event the Banking Mohtasib comes to the conclusion that the complaint is justified, in part or in whole, he shall try and facilitate an amicable resolution or settlement by resort to mediation and failing that communicate his findings to the concerned bank with the direction-- (a) to reconsider the matter; (b) to modify or cancel the earlier decision, action or failure to take the appropriate action; (c) to pay reasonable compensation to the complainant as fixed by the Banking Mohtasib; (d) to take the requisite steps to improve the functioning or efficiency of the bank; and (e) to take such other remedial steps or actions as may be specified by the Banking Mohtasib. (2) The Banking Mohtasib may, in any case, he deems fit or proper, forward a report to the State Bank recommending-- (a) an inquiry, or the taking of the requisite steps or legal proceedings against a bank which has acted in violation of banking laws, procedure, regulations or directives of the State Bank; and (b) in the case of a bank in the public sector in cases of banking malpractices or corruption, nepotism or gross, and flagrant dereliction by bank officers of their duties and responsibilities, the initiation of such action including a criminal prosecution or disciplinary proceedings as the State Bank may deem fit, either by itself, or through filing a report with the Government of Pakistan. (3) In no case whatsoever shall be Banking Mohtasib have the power to direct that loans, advances or finances be given to a complainant. 1[(4) Any bank, or official of a bank, or a complainant aggrieved by any order passed by the Banking Mohtasib may, within thirty days of the order, prefer an appeal to the Governor State Bank who shall decide the appeal within sixty days.] 1[(5) The findings of Banking Mohtasib shall be implemented by the concerned bank or financial institution within forty days and compliance thereof shall be submitted accordingly. In case an appeal against the decision of the Banking Mohtasib is preferred to the Governor State Bank the aforesaid period of forty days shall be reckoned from the date of decision of appeal.] 1[(6)] Any order passed by the Banking Mohtasib which has not been appealed against 1[within a period of thirty days from the date of order], or any order passed by the State Bank in appeal, as the case may be, shall become final and operative and if not implemented shall render the bank concerned to such action including the imposition of a fine or penalty as the State bank may deem fit, and in relation to a bank officer, to the appropriate disciplinary or other proceedings. 1[(7)] Nothing contained herein shall prevent a complainant from filing a suit against a bank in the event his complaint is rejected.

Effective date: 1962-06-07

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