Section 82B: Terms and conditions of the Banking Mohtasib

82B. Terms and conditions of the Banking Mohtasib.--(1) The Banking Mohtasib shall be entitled to the same salary and allowances as a Judge of a High Court. (2) The Banking Mohtasib may be removed from office on the ground that he has been guilty of misconduct or that he is incapable of properly performing the duties of his office by reason of physical or mental incapacity. Provided that he shall have the right to file an appeal before the Federal Services Tribunal. (3) The Banking Mohtasib shall be provided with a secretariat to be appointed in consultation with the State Bank. Appointments to the Secretariat may be made on deputation from the State Bank of Pakistan or other banks or otherwise on the basis of professional qualifications and the costs of the Secretariat shall be shared by banks in such proportions as may be determined by the State Bank of Pakistan. (4) The Banking Mohtasib shall have the power and responsibility-- (a) to entertain complaints from customers, borrowers, banks or from any concerned body or organization; (b) to facilitate the amicable resolution of complaints after giving hearings to the complainant and the concerned bank; 1[*] 1[(c) to receive evidence on affidavit; (d) to issue commission for the examination of witnesses; and] 1[(e)] in the event that complaints cannot be resolved by consent, to give finding which shall be acted upon in the manner set out herein. (5) The Banking Mohtasib shall exercise his powers and authority in the following manner:-- (a) In relation to all banks operating in Pakistan.-- The Banking Mohtasib shall be authorised to entertain complaints of the nature set out herein below:-- (i) failure to act in accordance with banking laws and regulations including policy directives or guidelines issued by the State bank from time to time; Provided that if there is a dispute as to the proper interpretation of any regulations, directions or guidelines, the same shall be referred to the State Bank for clarification. (ii) delays or fraud in relation to the payment or collection of cheques, drafts or other banking instruments or the transfer of funds; (iii) fraudulent or unauthorised withdrawals or debit entries in accounts; (iv) complaints from exporters or importers relating to banking services and obligations including letter of credits; (v) complaints from holders of foreign currency accounts, whether maintained by residents or non-residents; (vi) complaints relating to remittances to or from abroad; (vii) complaints relating to mark-up or interest rates based on the ground of a violation of an agreement or of State Bank directives; and (viii) complaints relating to the payment of utility bills. (b) In relation to banks in the public sector.-- The Banking Mohtasib shall be authorized to entertain complaints against such banks on the following additional grounds as well-- (i) corrupt or malafide practices by bank officers; (ii) gross dereliction of duty in dealing with customers; and (iii) inordinate delays in taking decisions1[; and] 1[(c) The Banking Mohtasib shall not entertain any complaint or application which has already been disposed of by the State Bank, or any court in Pakistan.]

Effective date: 1962-06-07

Related sections