PESHAWAR: The Bank of Khyber (BoK) IT system malfunction has caused problems to car finance and house finance customers as extra deductions have made from many accounts have instead of their monthly installments.
Javed Ali, a car financier from BoK said that the IT system of BoK has been deteriorated for last last two weeks as a result of rupees have been deducted from the customer who had taken loan
or rented a car from the bank. He informed that Rs193,000 has been deducted from his account instead of monthly installment of Rs17000.
He said despite several complaints to the bank management, the IT system could not be repaired and the additional deductions are yet to be refunded. Javed Ali furthered that the bank has been assuring that work is underway to repair the system and refund the extra deductions.
The BoK management said that the system is not facing any issue however if extra amount is deducted from some accounts, it would be refunded on Monday.
Customers were informed on April 16 on Bank of Khyber’s social media pages that ATM, internet banking and mobile services will be temporarily suspended on April 17 due to system upgradation.
According to BoK sources, the bank has purchased an IT system worth Rs700 million from Temenos T24 but the system is developing technical issues.
According to sources, bank’s profit has already been affected. The Temenos T24 system is now bring shifted to Islamabad. The sources said that the bank is already suffering from low income and the transfer of the system to Islamabad will further increase expenses.
The Bank of Khyber was set up by the provincial government to support business activities in KP and generate employment opportunities. But despite the presence of experts in the province, people from other provinces have been appointed to higher posts in the bank.
