In a notification issued, SBP has received number of complaints from customer against the policy that allows banks to determine at their own the rate of charges in respect of various services provided to their customers. Considering customers concerns SBP has advised banks to ensure transparency while determining charges for various products and services provided by the banks.
“It will helps banks in maintaining and enhancing confidence of customers in the banking industry” SBP added.
SBP has asked all banks to follow principles and spirit while fixing their schedule of charges for consumer related products and services. It also directed bank to bring the principles into the knowledge of Board of Directors and referred to for policy making of products and services as required in the “scope of application” of these guiding principles.