State Bank of Pakistan imposed Penalties on Five-Banks

State Bank of Pakistan marked Penalties on Five-Banks . As per SBP which is the Central Bank of Pakistan has handed five banks of Pakistan Rs.57.834 million penalties in the last quarter of 2021 (Oct-Dec) for not adhering with the instruction on general banking operation.

Penalties on Five-Banks are as follows;-

  1. Bank Al Habib Limited.
  2. The Bank of Punjab.
  3. Standard Chartered Bank Pakistan Limited,
  4. Askari Bank Limited.
  5. National Bank of Pakistan.

Bank Al Habib has been hit over with a penalty of Rs.13.684 million.

Bank of Punjab stood at number 2 for receiving the penalty of Rs.12.545 million.

Standard Chartered Bank Pakistan Limited Rs. 11.045 million.

Askari Bank Ltd Rs.10.300 million and National Bank of Pakistan Rs.10.260 million respectively.

The reason behind these penalities was violating the regulation relating to general banking operations.

The State Bank of Pakistan has instructed the banks to identify the loop whole’s to further strengthen their process to overcome the deficiencies in the future.

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