An official at the Central Bank: Establish a committee to resolve disputes between customers and banks
A source at the Central Bank of Egypt (CBE) revealed that the new draft bank law (the law of the Central Bank and the banking system) includes the establishment of a committee to resolve disputes between banks and authorized parties and customers.
The source said that the central bank will set up a special unit to protect the rights of customers, which will examine the complaints submitted by them. The central bank will issue a regulation regulating the rights of customers, including banks' transparency and credibility.
He added that the regulation will focus on formulating the terms and conditions of contracts for providing banking services clearly and comprehensively to all categories of customers and provide a fast and free mechanism to deal with customer complaints in a fair and transparent and effective and provide safe systems to ensure the safety and confidentiality of data and customer accounts and publish a list of prices of services provided.
The source pointed out that the establishment of controls to protect customers will raise the awareness and culture of banking customers and enhance the confidence of customers in the banking system and improve the quality and quality of banking services and enhance competition between banks to support the growth and efficiency of the banking sector and increase the demand for the use of banking services and improve the rates of financial inclusion.
He pointed out that according to the draft law, an independent arbitration and settlement center will also be established in disputes arising out of the application of the provisions of this law and the laws related to banking transactions and other activities carried out by the licensed parties.
The source pointed out that the new draft law added the companies and associations of microfinance and other credit granting entities to the system of registration of funds in the Central Bank, provided that the Central Bank and credit information companies will prepare a consolidated statement of what is provided to each customer immediately after receiving information related to the credit facilities provided.
He pointed out that credit providers should review the consolidated statement of the customer and its related parties before granting credit facilities, and exchange information on customer indebtedness between the central bank, banks, credit granting parties and credit rating companies.
An official source at the Central Bank told the Middle East News Agency earlier this week that the draft of the new banks law will be referred to the House of Representatives before the end of this month, after approval by the Council of Ministers.
Related topics
. (tagsToTranslate) Central Bank (t) Dispute Resolution Commission (t) Disputes between customers and banks (t) Banks
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