Smuggled Indian software should be banned
Islamabad: Pakistan Economy Watch has demanded clear regulations, transparency and low deductions in the banking industry to facilitate account holders. It demanded a high-profile investigation into irregularities at some major banks and financial institutions and a complete ban on use of smuggled Indian software. Azmatullah, Secretary General of Pakistan Economy Watch in a meeting today called upon the regulator to do away with the clouds gathering over the banking system by ensuring better visibility.
He said target oriented banking has left workers with little options for ethical practices and better compliance as well as transparency in financial institutions will encourage business activities and reduce card frauds, hidden charges and other tricks. “Law enforcing agencies have developed a tendency to hide embezzlements in the financial institutions which comes to disadvantage of masses,” said Azmatullah.
In other countries such cases triggers avalanche of local media coverage while is Pakistan everything is hushed up and a deaf ear is turned towards increasing complaints. The role of regulator – State Bank of Pakistan – is also questionable as it has not properly guarded the rights of account and cardholders. The account holders are believed to be getting negative interest since the former PM Shaukat Aziz used his influence and allowed banks to milk customers, he said.
He demanded some restrictions over the flow rate of plastic cards and demanded a proper mechanism so that one person can have only one debit and a credit card at a time. Islamic finance has grown rapidly in the past few years but a lot of people think that some banks are using the name of Islam to attract customers. “Their reservations must be cared for,” said Azmatullah.
He asked why the shares of Malaysia’s biggest bank fell to a four-year low in first week of May after it decided to buy a non-controlling 20 percent stake for 60.3 billion rupees in a local bank. The big guns of KSE are also believed to be involved in the scam and it should be probed as it brought a bad name to Pakistan, Pakistan Economy Watch observed. Banks should not be allowed to use two different software for one type of operations and the card and software issues of some banks need to be resolved.