The State Bank of Pakistan (SBP) has imposed penalities of Rs. 57.83 million on five major banks for violating rules and regulations during the period October to December 2021.
Enforcement order issue by SBP the banks were found to have commited infringements of regulatory laws related to general banking operations.
Bank Al Habib Ltd was slapped with the highest penalty of Rs. 13.68 million.
Bank of Punjab was penalized to the tune of Rs. 12.54 million.
National Bank of Pakistan was fined Rs. 10.26 million in violation of regulatory instructions pertaining to general banking operations.
Standard Chartered Bank and Askari bank have also penalized Rs. 11 million and Rs. 10 million.
These banks have been advised to strengthen their process with respect to identified areas.
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