KARACHI: The State Bank of Pakistan (SBP) has slapped a monetary penalty of Rs57.834 million on five major banks for violating regulatory instructions regarding general banking operations during the quarter ended December 31, 2021.
In addition to penal action, the banks have been advised to strengthen their processes with respect to identified areas. Among the banks, the highest penalty of Rs13.684 million has been imposed on Bank Alhabib Limited (BAHL) for violation of SBP’s regulatory instructions, while The Bank of Punjab (BoP) has been fined Rs12.545 million for the same offense.
Standard Chartered Bank (Pakistan) Limited is charged Rs11.045 million for breaching instructions related to general banking operations. Meanwhile, Askari Bank Limited (AKBL) and National Bank of Pakistan (NBP) have been penalized Rs10.30 million and Rs10.26 million respectively for violations of the same.