Just like other products and
services banks and other financial institutions just started their massive
promotions on every media, like TV, internet, newspaper, bill boards, and radio.
Do you have a bank account? Yes? Do you have read all the terms and conditions
and all the information on the agreement? Most of us will give a negative
answer. Do not worry it happens with most of us. Now a days it’s a common
practice in financial institutions specifically in banks to not open the
complete information in the agreement signed between institutions and the
customers.
Just like other manufactured products and services banks also started targeting
the consumer massively on print and television media. Today we have been
targeted by a dozen of promotional ads by banks or other financial products or
services in a day, in which we have been told that we will get this percent
return on investment or bank deposits, we can purchase a car on easy leasing or
we can enjoy this or that insurance policy in which we will get this or that
benefits. But we have not been told a lot of hidden information which kept
hidden.
It’s common almost all over the world but if we consider only our country, As
Pakistan is a country where literacy rate is not too much and people are not
that much educated. People don’t get to know that on what terms and conditions
they are signing the agreement and what are the additional points on which they
are agreeing upon. Almost 30% of population is illiterate, which is not a
neglect able figure and those 70% literate people are also not truly literate
because the definition of literacy in our country is “ability to write and read
their own name” or a person who have passed the 10th grade is called literate.
So it is a basic need of our financial institution system to disclose all the
information to all the customers. It’s also an ethical obligation of the
financial institutions for the betterment of all and to gain more and more
public trust among the society.