KARACHI: The State Bank of Pakistan (SBP) has imposed hefty penalties totaling nearly Rs1.5 billion on the National Bank of Pakistan (NBP) following the detection of counterfeit banknotes in its operations.
According to official documents, the central bank levied Rs200 million and an additional Rs1.276 billion in fines on the state-owned lender for the discovery of fake currency notes during inspection and verification processes.
The NBP, while acknowledging the penalties, stated that it operates as a custodian of SBP’s currency chest operations, and therefore the financial liability related to counterfeit notes will ultimately be borne by the respective depositing banks. The bank confirmed that liens have already been marked on the deposit accounts of the concerned institutions to secure the exposure.
The NBP further clarified that the matter has been formally taken up with the SBP, and the issue remains under review by the central bank.
In addition to the counterfeit note-related fines, the SBP also imposed a separate monetary penalty of Rs56.52 million on NBP during the nine-month period ending September 30, 2025. This figure marks an increase compared to Rs36.39 million in fines imposed during the same period last year.
The penalties underscore the SBP’s intensified regulatory oversight on commercial banks, particularly regarding currency management, compliance, and fraud prevention mechanisms.
