BISINISS WORLD NEWS

KARACHI: State Bank of Pakistan (SBP) said it will specify limits on fees, which banks charge on their various services, as it is a means of exploitation of the consumers, Geo News reported Tuesday.

Talking to Geo News, SBP’s Executive Director Inayat Hussain said the central bank has made it clear to banks that the consumers were being greatly mistreated through their principle of open market with fees on different services.

The central bank is formulating a policy in this connection, under which, the upper limit of these fees will be fixed on accounts statement, cheques, pay order, money transfer, remittances and minimum bank balance, he informed.

Hussain said the decision was made in view of the protection of small accountholders of banks.

Abdush Shakoor, an analyst, said banks earned Rs34 billion in fees, commissions and brokerage last year, which is seven percent ahead of that in 2008.