Banking Ombudsman Pakistan reduces complaint resolution time by 15 days

The Banking Ombudsman Pakistan has announced a reduction in the time banks will have to address customer complaints.

Previously, under the Banking Companies Ordinance of 1962, banks were required to resolve complaints within 45 days. This period has now been shortened to 30 days.

If customers are not satisfied with the bank's response, they can approach the Banking Ombudsman Pakistan within 30 days for resolution.

It may be mentioned here that Banking Ombudsman resolves on average 2,000 complaints every month. In the first nine months of 2024, the Ombudsman resolved 18,836 complaints and settled customers' claims worth over PKR 1.0 billion.

According to the amended Banking Companies Ordinance, complainants must first request the concerned bank to address their grievance. If the bank fails to respond or provides an unsatisfactory response within 30 days, the complainant can lodge a complaint with the Banking Ombudsman within the same period.

If the Banking Ombudsman finds the reasons for the delay in lodging the complaint reasonable, the complaint can still be considered.