In terms of Section 82 E (5) of Banking Companies Ordinance 1962 (BCO), banks are required to comply with the decision of Banking Mohtasib of Pakistan (BMP) within forty days of the date of Order. However, if an Appeal against the decision of the Banking Mohtasib is referred to the Governor State Bank of Pakistan, the aforesaid period of forty days reckons from the date of decision of Appeal.

2. Instances have been noted where banks have not adhered to the aforementioned provisions of BCO and have complied with the Orders of BMP and the Governor, State Bank of Pakistan with a significant delay.

3. State Bank of Pakistan has taken serious notice of such non-compliance and it has been decided that such a violation of Section 82 E (5) of BCO 1962, shall be subject to penal action.

4. Banks/DFIs are henceforth advised to submit a compliance report of every Order along with documentary evidence, within one week of its compliance to the Head, Consumer Protection Department, through their duly authorized officers at or above the rank of  Executive Vice President/Group Head.

5. Please acknowledge receipt.