Banking Courts III, IV and V Karachi are vacant since long and no judge has been appointed so far. There are five banking courts functioning in Karachi where Banks, Development Financial Institutions, Leasing Companies etc file their suits. However, the present judge is busy with cases brought in other courts. Only selected cases are heard in courts while the rest keep getting adjourned. The Special Recovery Laws was promulgated for smooth and speedy trial and for the speedy recovery of bank loans. The judge of banking court is liable to submit to the chief justice of the high court of the province, in which the court is established, quarterly reports stating the number of cases filed, heard and disposed of by the banking court during each relevant quarterly period.
It is suggested that a copy of the report should be sent to the governor of the SBP so that close monitoring of these courts could be ensured. It is also proposed that a website should be designed on which the status of cases brought before the courts is shown. Appreciation certificates and awards should be announced for the judges who decide their cases within the time limit specified in the Recovery Ordinance-2001 for disposal of cases. This might result in the growth of healthy credit culture. Financial institutions might issue loan more confidently since the speedy trials would help mitigate the risk of default.