ISLAMABAD - President Dr Arif Alvi on Monday upheld the decision of the Banking Mohtasib in three similar cases, wherein it had ordered the banks to credit the lost money to their account holders in fraudulent digital transactions, said a press release issued by President's media office.

It said the complainants Najma Sultana, a retired teacher and widow; Zahid Shah, a technician of Pakistan Air Force and Tariq Mehmood Chaudhry, a semi-literate person, had filed petitions with the Banking Mohtasib against Habib Bank Ltd and United Bank Ltd on inadvertent transactions from their accounts.

In their pleas, the complainants had maintained that they had never requested for activation of the Internet Banking Facility (IBF). Also, they stressed that they were not well-versed with digital banking or capable of handling such sophisticated banking products.

The Banking Mohtasib in its separate orders had advised the banks to make good the loss of complainants by crediting the amount, which had been unauthorizedly debited from their accounts.

Terming it a clear violation of the circulars under Payment System & Electronic Fund Transfer Act, 2007 of the State Bank of Pakistan, the Banking Mohtasib had said that the onus was upon the banks to educate the account holders regarding their consent and the threats and risks of mobile banking. President Alvi, in his written order on the representations of the banks assailing the decision of Banking Mohtasib, said the “strange and evasive stance” of the banks of denying their responsibility for the loss of its customers’ money, was “just shrugging off its fiduciary duty to an innocent account holder”.