Saturday, February 4

Day: January 7, 2023

President imposes fine on UBL for filing frivolous representation, wasting time and resources

ISLAMABAD: President Dr Arif Alvi on Saturday imposed a fine of Rs20,000 on United Bank Ltd (UBL) over filing a frivolous representation in a disputed transaction case involving a mere amount of Rs20,000 only. He ordered that the bank should pay the fine in addition to returning the defrauded amount to its customer as the bank adamantly filed frivolous representation wasting its resources and time as well of the Banking Mohtasib of Pakistan (BMP) and the office of the Head of State. According to an official press release, the UBL had filed a representation with the President against the orders of the BMP in a case where a customer had attempted to withdraw cash of Rs20,000 from UBL's ATM but the cash was not dispensed whereas the customer's account was debited. The customer had al...