BMP Reports 6% Rise in Banking Complaints, Provides Rs1.65B Relief in 2024

The Banking Mohtasib Pakistan (BMP) has reported a sharp surge in customer complaints in 2024, delivering a record Rs1.65 billion in relief to banking customers amid escalating challenges in digital banking. At a press conference, Banking Mohtasib Sirajuddin Aziz revealed a 6% increase in complaints against commercial banks, with 41,546 cases addressed in 2024, contributing to a cumulative Rs8 billion in relief since BMP’s establishment in 2005.

The primary driver behind the spike is the rapid adoption of digital banking platforms, fueling a rise in fraudulent activities and account blockages. Aziz criticized banks’ ineffective media campaigns, particularly in rural areas, noting their failure to curb fraud. He demanded intensified efforts, including educational outreach in regional languages, to safeguard customers.

The 2024 relief surpassed the previous year’s Rs1.26 billion, which followed the resolution of 25,493 complaints. Of this year’s cases, 24,498 were settled through reconciliation, 1,330 via formal hearings, and 1,925 were dismissed due to jurisdictional issues or incompleteness.

Aziz highlighted the BMP’s expanded oversight of newly established digital banks, requiring additional resources and fintech-trained staff. He urged heightened vigilance from the regulatory body as digital banking continues to reshape Pakistan’s financial landscape.