HomeWorldPakistanSBP imposes Rs57.83mn penalty on five banks on regulatory violation

SBP imposes Rs57.83mn penalty on five banks on regulatory violation

ISLAMABAD: The State Bank of Pakistan (SBP) has imposed a currency penalty of Rs57.834 million on five major banks on account of violation of regulatory instructions related to general banking operations during the quarter ended on 31 December 2021, as per the notice issued by the plant bank.

Among the banks, the highest penalty of Rs13.684mn was imposed on Banca Alhabib Limited (BAHL) for violation of SBP regulatory instructions while The Bank of Punjab (BoP) was fined Rs12.545mn for the same offense.

Standard Chartered Bank (Pakistan) Limited was charged Rs 11.045 million for violation of instructions relating to general banking operation.

Meanwhile, Askari Bank Limited (AKBL) and National Bank of Pakistan (NBP) was penalized by Rs10.30mn and Rs10.26mn respectively for violations of the same. In addition to prosecution, banks were advised to strengthen their processes with with respect to the areas identified.

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Sandra Loyd
Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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