State Bank slaps Rs58 million monetary penalty on five banks

By: News Desk
Published: 03:38 PM, 9 Feb, 2022
State Bank slaps Rs58 million monetary penalty on five banks
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The State Bank of Pakistan has slapped a penalty worth Rs58 million on five commercial banks on violation of regulatory provisions, reported 24NewsHD TV channel on Wednesday.

According to details, the central bank imposed a penalty on five big commercial banks on violation of banking rules during a three-month period starting from Oct 2021 to Dec 2021.

The SBP said the banks which were awarded penalties included: Bank of Punjab, Bank Al-Habib, Standard Chartered Bank, Askari Bank and National Bank. 

The central bank elaborated that these commercial banks were fined on violation of banking laws and breaking general banking operation rules. 

It informed that a penalty amounting to Rs12.545 million was slapped on Bank of Punjab; Rs13.684 million on Bank Al-Habib; Rs11 million on Standard Chartered Bank; Rs10.300 million on Askari Bank; and a fine of Rs10.26 million was slapped on National Bank. 

Besides imposing monetary penalty, the State Bank also directed the commercial banks to strictly abide by the relevant rules. 

Reporter Ashraf Khan