February 02, 2007	Friday	Muharram 13, 1428

KARACHI, Feb 1: A local bank took almost three years to deliver cash against a cheque deposited in one of its domestic branch, but only after the intervention of the Banking Ombudsman.

According to a fax release of the Banking Ombudsman, a complaint was lodged with it on May 2006. The customer had deposited a cheque for 2,215 Australian dollars (Rs105,000) in his account in April 2004. The cheque was drawn on an Australian bank. However, the proceeds of the cheque were not credited to customer’s account.

On enquiries by the harassed customer, the local bank took plea of having lost the cheque in transit and declared that all efforts to locate the cheque have proved futile.

The office of the Banking Mohtasib sought the assistance of the Banking Ombudsman in Australia and was informed that the cheque had already been paid in June 2004.

A thorough check of local bank’s Australian Dollar Nostro account revealed unpaid and outstanding amount of the cheque.

Despite many complaints, including enquiries from the Banking Mohtasib, the local bank did not make any effort to locate the lost cheque.

An amount of Rs105,000, plus Rs25,000 compensation for delay in payment, was given to the customer in January 2007.

“Such incidents are symptomatic of gross inefficiency and carelessness prevailing within banks in Pakistan,’’ observes the Banking Mohtasib (Ombudsman) in the fax release.