State Bank of Pakistan Prudential Regulations

High Court deserved that unlike other countries relationship, between the card holder, card issuer and the retailer of service or goods is not yet formally regulated in Pakistan under any statute

State Bank of Pakistan Prudential Regulations for Consumer Financing which deal with credit card hardly provide sufficient matrix to deal with complex situation that may arise out of issuance and use and dishonour of such cards

It is high time to legislate on the subject

Until legislation is made, State Bank may at least consider framing more comprehensive regulations regulating rights and obligations inter se the card holders, issuers and goods and service providers.

Where an Officer of a Bank, who is responsible for disbursement of loans, acts negligently or omits to take the reasonable degree of care in extending a loan 'or credit facilities as required by the Prudential Regulations and under normal international banking practice and consequently the Bank suffers loss, the Bank is justified in suing such an officer for recovery of loss suffered by the Bank.

Where an Officer of Bank acts negligently or omits to take such care as required by the State Bank of Pakistan Prudential Regulations and consequently Bank suffers loss, the Bank will be justified in suing such an Officer for recovery of the loss suffered by the. Bank.