CBN Fine commercial Banks N2 Million who failed to address customers complained

Ads

Central Bank of Nigeria (CBN) has said that any commercial Banks who failed to comply with directives to acknowledged depositors complaints will face fine of N2 Million.

The apex bank said each week the bank refused to address customer’s complaints will attract attract a fine of N500,000 per week.

CBN said, “Non-resolution of complaints within prescribed timelines attracts a penalty of N500,000 per complaint per week while the infraction subsists.

Like Our Facebook page

“Non-acknowledgment of complaints from customer or non-issuance of tracking numbers attracts N2m per complaint.

“Non-response to request or failure to comply with CBN directive attracts a penalty of N2m.”

Again, the CBN further said that false or non-rendition of returns/reports, would attract N100,000 fine, in addition, N10,000 for each day the infraction continued.

READ ALSO  THE KIDNAPPED ADAMAWA PERMANENT SECRETARY HAS BEEN RELEASED

“Failure to comply with other provisions of the Regulations not specified above shall attract sanctions provided in the CBN Act, the BOFIA, other enabling laws and regulations,” it stated.

Speaking on dispute resolution, the Apex bank said a complaint would only be forwarded to CBN if the complainant had exhausted the Institution’s Internal Dispute Resolution procedure.

READ ALSO  Buratai denied saying that soldiers lack commitment to fight Boko Haram

It could also be forwarded if the Bank failed to acknowledge the complaint within three days.

The CBN added that it could be escalated if, “Within 90 days from the date of the receipt of a decision from an institution; If it is not undergoing the process of resolution or already considered and resolved by a recognised Alternative Dispute Resolution channel.

“If it is not under litigation or already adjudicated upon by a court of law, except where the aspect before the court is distinct from the matter brought to the CBN or where the court is dealing with the criminal aspect of the matter.”

READ ALSO  Federal Government called on States and Proprietors to Reopen Schools

Want To Support Us By Donating Click Here

UPDATES: DON'T FORGET TO DOWNLOAD OUR APP BELOW

vote
Article Rating

ads

Stories You May find Interesting

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments