December 17, 2006	Sunday	Ziqa'ad 25, 1427

KARACHI, Dec 16: MCB Bank would not hire ‘goons’ for recovery of default amounts as many banks have adopted as common practice for recovery.

During a question-answer session after the press conference at the launching of MCB Visa Card, the bank management said that a highly professional team would make recovery.

There has been wide criticism over the recovery process of banks who hired services of goons to pressurise and threat the defaulters. Several incidents were reported in the media.

The bank said there was a slight chance for misusing the MCB Visa Card as latest technology had been used for the security purposes.

Answering a question about plans of the bank to increase the deposit rates, MCB Bank president Aftab Manzoor said that new products with higher returns would be introduced.

The State Bank has warned large banks to increase the deposit rates within a month or face the action.

Talking about the GDR, the bank president said that the amount equal to $150 million could be raised from the local market but the aim was to introduce a local bank in the international market.

About rising complaints against ATMs, he said that transactions of over Rs1.5bn a month were being carried out through these ATMs and the number of complaints was not that significant.

MCB Bank is the 9th bank which has launched its credit cards and it will charge two kind of interest rates, fix at 34pc and variable at 35pc.