SBP's directives to DFIs, MFBs

The Financial Daily - - CONTINUATIONS -

KARACHI: State Bank of Pak­istan (SBP) has asked banks, de­vel­op­ment fi­nance in­sti­tu­tions (DFIs) and mi­cro­fi­nance banks (MFBs) to de­velop and im­ple­ment their own frame­work on fair treat­ment of the con­sumers.

This should be duly ap­proved by their board of direc­tors (BOD) and im­ple­mented by July 1, 2015, SBP di­rected to the above or­gan­i­sa­tions through a cir­cu­lar re­leased here on Fri­day.

It is ex­pected that the Banks/ DFIs/ MFBs will in­cul­cate a con­ducive cul­ture en­dur­ing fair and qual­ity cus­tomer ser­vice while de­liv­er­ing bank­ing ser­vices to their cus­tomers, SBP said.

The cir­cu­lar en­closes a de­tailed note on fi­nan­cial con­sumer pro­tec­tion, its sig­nif­i­cance, global de­vel­op­ments and bank's own ex­pected role vis-a-vis the fi­nan­cial con­sumer pro­tec­tion.

Its is­suance will trans­form fi­nan­cial con­sumer pro­tec­tion into a prin­ci­ple based adop­tion rather than a com­pli­ance check for the banks.

State Bank of Pak­istan in its en­deav­our to foster fi­nan­cial con­sumer pro­tec­tion across the in­dus­try has is­sued sev­eral mar­ket con­duct in­struc­tions for banks.

How­ever, it has been no­ticed that fi­nan­cial con­sumer pro­tec­tion is per­ceived to be lim­ited to com­plaint han­dling only.

For dis­sem­i­na­tion of the real con­no­ta­tion of fi­nan­cial con­sumer pro­tec­tion, the State Bank has is­sued the above cir­cu­lar en­tail­ing the mean­ing of fi­nan­cial con­sumer pro­tec­tion and the con­duct ex­pected from

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