I fully agree that the State Bank of Pakistan has miserably failed to protect the people and business from financial institutions like Habib Bank Ltd and National Bank of Pakistan.
It is surprisingly noted that one official of the State Bank advised the borrowers to contact the concerned banks for relief. It is clearly a foolishness. Matters in which Habib Bank has charged mark up on mark up are still pending. The State Bank of Pakistan asked the Habib Bank to supply supporting documents for the last several years but they did not do so. But Habib Bank placed the name of such clients without proper verification on CIB list - no accounts were checked and therefore many textile mills are on the defaulters list of CIB.
It is requested that the State Bank of Pakistan should issue a clear circular to prevent the aggrieved parties to go to court of law or other forum. The State Bank of Pakistan should delete the name of the textiles mills from the defaulters list unless and until the State Bank does not get fully supported documents from Habib Bank.