PESHAWAR - The traders’ community on Tuesday urged the Federal Banking Mohtasib (Ombudsman) Pakistan to reduce duration of complaint registration to 10-days, which is currently 45 days, in order to ensure swift disposal of cases against various commercial banks and to provide them speedy relief.

The Banking Mohtasib of Pakistan should take notice of discriminatory attitude of commercial banks that causes huge financial losses in head of penalty and additional charges, the business community demanded. The traders also complained about declaring Khyber Pakhtunkhwa a ‘red zone’ by commercial banks, because of which, lending ratio is less than 2 per cent against the swelling deposits in the province.

These views were rxpressed by members of the business community in a meeting of the Sarhad Chamber of Commerce and Industry (SCCI) president Hasnain Khurshid with Federal Banking Mohtasib (Ombudsman) Kamran Shehzad here at chamber house.

The chamber president suggested linking of SCCI’s web portal with the Federal Banking Mohtasib of Pakistan.

, saying that the portal is directly linked with more than 600 public sector institutions.

Khurshid also raised the issue of letter of credits (LCs) that were related to commercial banks, saying the business community is being faced with enormous difficulties owing to shortage of dollars in the market. He urged the Ombudsman to play role in resolving the issue.

The traders also urged the commercial banks to ensure effective monitoring of fraud and fake cases that caused billions of rupees loss.

‘The Federal Banking Mohtasib (Ombudsman) Pakistan was established in 2005-06, which has undertaken proactive steps to facilitate business community and provide them relief under its domain/mandate at every level, said Kamran Shehzad while responding to various queries of the traders during the meeting. Around 36,000 complaints were registered during last year against various commercial banks, of which 70 per cent have been decided, a senior official said.

He said that approximately an amount of Rs760 million relief has so far been provided by Federal Mohtasib in the last year. Before the preceding year, he said that another heavy amount of Rs510 million relief was given by the Banking Ombudsman.

Similarly, he said a relief of Rs530 million has so far been provided till June 2022, whereas a target of Rs1 billion has been set and hoped the target be achieved by the end of this year.