Exploitation of by the Banks Continues
I request the Government of Pakistan and the members of the National Assembly to take steps by passing laws and/or issuing immediate instructions to the banks as under.
1) Banks should stop taking the collection charges on each
Electricity, Telephone, Gas and Municipal (KWSB) bill. At
the present rates the said collection charges mean a burden
of RS. 384 per annum or more as in event of default in any
month they are added with exorbitant interest in the
subsequent bills.
2) The bank that have started deducting RS. 50 per month if
the balance under the account falls below RS. 10, 000/-
should be asked to withdraw such charges. It should have
been done when they had started doing it on balances below
RS. 10, 000/- The banks who have started such debits
without proper notice to the account holders should be
fined and asked to reverse the such debits.
3) The banks should start sending monthly statements as
they had stopped sending debit or credit advices long time
ago.
4) Like Life Insurance Business at least 90% of the profits
of the banks should be distributed among the Profit and
Loss Account holders.
5) Like many State Laws in USA there should be limits on
the maximum rates of Interest and Service Charges on loans
and credit card balances. In any case they should not be
more than 10 % of the rate that the banks allow on fixed
deposits. For example 11% if the rate on term deposit is
10%.
Many other reforms in banking laws and regulations are
needed and MNAs and Senators should take initiative in
inviting suggestions from the experts.
Arif Khan
ank2000pk@yahoo.com
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