BANKING LAW
State Bank of Pakistan regulates the scheduled commercial banks in Pakistan and offers several finance facilities to customer based on the customers self and business needs, The banks adopts several concealed stipulations in order to secure their transactions and nevertheless take undue advantage and illegality..
For the purpose
to protect the rights of customers several laws has been incorporated against
the illegal banking practices.
Customer means and includes…
Any individual not being a minor , eligible to contract having disbursed loan or falls as surety , mortgage and guarantor is consider in terms of Financial institutions recovery of Finance ordinance 2001.
Remedies For a customer .
- The law provides both the criminal and civil remedy for the redressal of any type of grievances against any customer borrower, security and mortgagor subject to the facts of the controversy against the bank or the financial institutions and their employees. Few common fraud and mal –practice being played by Banks/financial institutions includes but limited to…
- Undue advantage of customers
- Default surcharge
- Late payment charges
- Illegal fee charges
- Illegal markups
- Illegal late payment charges
- Illegal and undefined fee
- Default Surcharges
- Illegal entries and charges
- Forgery and fraud by the financial institutions/banks
- Misappropriating amounts being entitlement of bank
- Misappropriating amounts being entitlement of customer
- Procuring signatures of customers on blank documents
- Harassment and blackmailing Customers and illegal detentions
We at anchanlaw , being team of experts having immense experience in the field of banking laws and practices, have provided extensive legal services including assisting, consulting, negotiating, provided feasibility on banking laws and policy and litigating on behalf of banks and customers at different forums as case may be. We also provide legal opinion with regards to cases already pending before different forums including Banking Court and Court of Appeal. Our team of professional attorneys allows every client to avail a complete range of banking and financing consultation that helps in taking long term profitable decisions. We handle all kinds of documentation from corporate lending papers to indemnities, letters of credit and credit cards.