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SBP conducts review of complaints from 2016 to 2019

SBP conducts review of complaints from 2016 to 2019

KARACHI: The State Bank of Pakistan (SBP) is conducting a review of complaints against Banks/DFIs/MFBs from 2016 to 2019 whose objective is to gain insights on effectiveness of complaint management at banks.

The review indicates that complaints against banks during past four years have increased from 774,656 in 2016 to 1,549,837 in 2019. Number and value of banking transactions have increased substantially.

The volume and value of ATM/debit card transactions have increased by 101% and 110% respectively over the reporting period. Number of deposit accounts per ATM and per branch shows increase of 62% and 81%.

Similarly, during 2016 to 2019, volume and value of E-banking transactions substantially increased by 112% and 152% respectively on account of 71% increase in E-banking users.

Moreover, credit card related transactions increased from 18 to 39 million showing an increase of 118% over a span of 4 years.

Accordingly, the increase in complaints over the same period can be witnessed as concentrated in ATM/Debit Card, Account maintenance, E- Banking and Credit Cards.

In terms of addressing the complaints, the resolution rate over the period 2016-2019 remained above 97% at each year’s end.