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

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

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

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Standard Chartered Bank (Pakistan) Limited was charged Rs11.045mn for breaching instructions related to general banking operations.

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

In addition to penal action, the banks have been advised to strengthen their processes with respect to identified areas.