5 Banks Fined Rs57.83mn For Regulatory Violations

Web Desk — On account of violation of regulatory instructions pertaining to general banking operations during the quarter ended Dec 31, 2021, the State Bank of Pakistan (SBP) has imposed a monetary penalty of Rs57.834 million on five major banks.

As per a notice issued by the SBP, the highest penalty of Rs13.684mn was imposed on Bank Alhabib Limited (BAHL) for violation of the Central Bank’s regulatory instructions while the Bank of Punjab (BoP) was fined Rs12.545mn for the same reason.

The Standard Chartered Bank (Pakistan) Limited was fined Rs 11.045mn for breaching instructions related to general banking operations.

For violations of the same, Askari Bank Limited (AKBL) and National Bank of Pakistan (NBP) were penalized Rs10.30mn and Rs10.26mn, respectively.

Along with penalties, the banks have been advised to strengthen their processes in a number of areas.