The Special Parliamentary Committee formed by the National Assembly Standing Committee on Finance would look into business practices such as interest rates, annual profits, service charges, loan waivers, recruitment and promotions of financial institutions including commercial banks during the National Assembly session today.
In the first phase, a five member special committee would examine affairs of public sector financial institutions such as the State Bank, National Bank, Zarai Taraqiati Bank, State Life Insurance Corporation, National Savings Organisation, SME Bank and others. Pakistan Muslim League-Quaid (PML-Q) MNA Riaz Fatyiana told Pakistan Today that banks and insurance companies were minting money from the common man by violating rules.
He said banks were charging exorbitant fees in the name of service charges from their account holders, adding that massive corruption had been detected in the National Bank and State Life Insurance Corporation. He said further that the committee would look into the working of these entities. He said corruption in these entities had started to rise since Shaukat Aziz took charge as the prime minister.
Fatyiana had complained in the previous National Assembly meeting that commercial banks were not following business rules. He said he was denied credit card by banks as he was a politician, adding that he had also been denied a car finance loan. PML-Likeminded member Kashmala Tariq said commercial banks should be taken to task for this behavior with the parliamentarians, adding that a private sector bank’s branch should be closed and a National Bank of Pakistan (NBP) branch should be opened.
Abdul Rashid Godil of MQM said banks were charging exorbitant fees in the name of service charges from their account holders. Chairperson Fauzia Wahab formed a special committee under Riaz Fityana to investigate the business and working details of commercial banks. Kashmala Tariq, Rasheed Godil, Nazar Gondal and Aftab Shah Mirani were made members of this team who would submit the assigned report in the next committee meeting.
