CRCP Report on Banking in Pakistan


#1

Consumer Rights Commission of Pakistan (CRCP) with the support of Asia Foundation, conducted a study about all banking products and services in Pakistan and issued a detailed report.

Detail here

http://www.dawn.com/2008/07/26/top5.htm

More detail here

http://www.bbc.co.uk/urdu/pakistan/story/2008/07/080725_banks_survey_pakistan_rh.shtml

One interesting point:

Consumer should get compensation if he fails to get money from ATM (due to network problem etc.) on time because it is one kind of default at bank's end as the bank failed to pay.


#2

The problem is that the state bank itself does not seem to be interested in increasing the deposit base or commercial banks. Its so hard to open an account in a bank in pakistan.

You can justify the bank asking you for identifying documents but why should you have to provide them with source of income documents? That's just such a hassle and ensures that the vast majority of the economy, which is informal, in nature will never deposit money in commercial banks.

Comparatively in Sri Lanka anyone can open an account with just Rs.5 and an ID card. SL has also had children's savings accounts for at least 3 decades now while Pakistani banks are only now starting to tap this market. This is sad especially since SL has an ageing population while Pakistan has a very young population!


#3

Don't forget the unethical practice of banks like Standard Chartered and others to leak customer information to other banks. It is a clear violation of customer privacy.


#4

[quote=", post:, topic:"]

Don’t forget the unethical practice of banks like Standard Chartered and others to leak customer information to other banks. It is a clear violation of customer privacy.
[/quote]

i don’t know a lot about banking and stuff but why would a bank release info about its customer to other banks?


#5

[quote=", post:, topic:"]

i don’t know a lot about banking and stuff but why would a bank release info about its customer to other banks?

[/quote]

Haven’t you ever gotten a call from a tele-marketer offering a new credit card or leasing plan? Where do you think they get your contact information?


#6

god i hate those calls, i get telemarketer calls from citibank all the time. its funny though, they are really good at making those calls but if theres a problem like they couldint deliver the credit card statement because there was no answer at my house, theres no sign of them.

citibank = citicrap


#7

[quote=", post:, topic:"]

god i hate those calls, i get telemarketer calls from citibank all the time. its funny though, they are really good at making those calls but if theres a problem like they couldint deliver the credit card statement because there was no answer at my house, theres no sign of them.

citibank = citicrap

[/quote]

its very simple this is what i do

when any calls come from the bank i simply ask:

-at what capacity are you call me from?

- are you calling me as telemarketer to offer me new credit car or bank loan? or you are calling me regarding the existing bank or credit account i have with this bank.

- if the answer is existing bank/credit account then its official and i talk with them.

- and if the answer is that they are calling me as telemarketer (which is 95% of the time) without saying any word i just hang up. thats it. i don’t curse or get angry 'cause i don’t need tension.

its working great for me and the rate of telemarketer calls has dropped 50% for whatever reason. i am happy


#8

well i m in different part of world so the law is bit different as well.

banks can not call their customers at all. yes at all by law they are not allowed to ring any customer if they need anything they can send letter by post.

in my opinion these type of calls can be spam any one can ring you and say i m from xyz bank, as customer how you would know?

i work in bank and these type of spams are common but never list just hangup.


#9

Here in Canada my bank calls me fairly frequently regarding surveys, feedback or trying to get me to sign-up with new products. Its very annoyng! -_-