Circulars/Notifications  

 BPD Circular No.24
July 04, 2003  


The Chief Executives,

All Banks/DFIs.

 

Dear Sirs/Madam, 

CONSTITUTION OF SBP COMMITTEE FOR RESOLUTION OF DISPUTES BETWEEN BORROWERS AND BANKS

          

A number of complaints from borrowers of different banks have been received wherein it has been pointed out that banks are compounding mark up, in violation of guidelines issued by SBP for elimination of ‘riba’ from the Banking System. In order to resolve such issues promptly, SBP, in exercise of its powers vested under section 41 of BCO 1962, has decided to constitute a “Resolution Committee” (RC) under the chairmanship of Director, Banking Policy Department, and comprising of following members:

 

1.     A representative from Banking Inspection Department of SBP who will be a Chartered Accountant – (Permanent Member)

2.     A representative of the concerned bank – (Revolving Member).

3.     A Chartered Accountant from the Chartered Accountancy firm listed on the panel of SBP to represent the borrower – (Revolving Member).

4.     Joint Director Complaints Cell, SBP Member/Secretary.

 

The Committee will examine the complaints falling in its purview and shall decide the issues in terms of guidelines issued by SBP from time to time. The decision of the committee will be binding on the bank and complainant/borrower.

Please acknowledge

 

Yours faithfully,
(Muhammad Ashraf Khan)
Sr. Joint Director


BPD Circulars/ Circular Letters issued in 2002
 


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