KARACHI: One of the leading commercial banks paid Rs561,211, being the difference of the profit from the agreed rate of return and the payment of profit earlier made by the bank to the complainant as per the order of Banking Mohtasib Pakistan (BMP), a statement said on Tuesday.
The complainant had lodged a complaint with the Banking Mohtasib that the concerned bank had approached him to invest in fixed term deposit at a fixed rate of 12.10 percent per annum on assurance that upward or downward change in discount rate of the State Bank of Pakistan would not affect his profit rate.
Accordingly, he invested an amount of Rs11.00 million in February, 2020 and got the profit in February and March, 2020 on the same rate. However, in the month of April, 2020, the bank reduced the rate of return. The complainant approached the bank to give him the agreed rate of profit ie12.10 percent, but his request was declined.
The complainant filed representation with Banking Mohtasib Pakistan, who took up the matter with the bank, and after formal hearing of the complaint directed the bank to re-calculate the profit and credit the balance amount to the complainant’s account.
In compliance with the order of Banking Mohtasib Pakistan, the bank finally made payment of Rs561,211 as per the findings of the banking ombudsman to the complainant by crediting his account.