The State Bank of Pakistan (SBP) has introduced a new framework designed to strengthen consumer protection in the country’s banking sector. The move comes as part of SBP’s ongoing efforts to ensure transparency, accountability, and fairness in financial dealings.
According to officials, SBP’s new framework aims to protect bank customers across Pakistan by addressing key issues such as unfair charges, delayed complaint handling, and lack of information transparency. The policy focuses on improving customer experience and ensuring that financial institutions operate with integrity and efficiency.
Under SBP’s new framework, banks will be required to establish clear complaint management systems, train staff for better customer support, and simplify financial communication. This includes providing customers with clear terms, avoiding hidden fees, and ensuring timely redress of complaints.
The central bank emphasized that consumer protection is a top priority for maintaining trust in the financial system. The initiative seeks to align Pakistan’s banking practices with international standards and enhance financial inclusion. By doing so, SBP’s new framework aims to protect bank customers across Pakistan from potential exploitation while promoting responsible banking.
Additionally, the framework outlines penalties for banks that fail to comply with the new rules. SBP will closely monitor implementation through regular audits and feedback channels. The policy also encourages customers to report grievances through official portals for faster resolution.
Experts believe this step will not only strengthen customer confidence but also improve the overall image of the banking industry in Pakistan. The framework is expected to play a key role in building a more transparent, customer-focused financial environment that prioritizes the rights and security of every account holder.
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