President Dr Arif Alvi has directed two private banks to refund an amount of 564,469 rupees to three victims of bank fraud in cases of online funds transfers and fraudulent ATM transactions.

The President gave these directions while deciding on three separate representations filed by two banks and a citizen against three different verdicts of the Banking Mohtasib.

The President observed that in these cases, the respective banks had opened EFT Facility by default without the consent and knowledge of the customers, which was in violation of the State Bank of Pakistan’s rules.

Source: Radio Pakistan