![State Bank fines 6 banks Rs 35 crore for violation of rules](http://voiceuppakistan.com.pk/wp-content/uploads/2023/07/619781ddcf89b-300x180.jpg)
LAHORE: The Banking Supervisory Department of State Bank of Pakistan (SBP) has fined a total of Rs 35.08 crore on six banks for non-compliance and continuous violations of various regulations.
These banks were found guilty of violating established banking norms regarding identification of customers, anti-money laundering, support to terrorists, use of foreign exchange and conduct of general banking affairs.
National Bank of Pakistan (NBP) was fined Rs 14.42 crore for violating guidelines regarding customer identification and asset quality.
READ:World Bank approves $200 million aid to Pakistan
12.53 crores to Bank Al Falah for violation of customer identification, anti-money laundering and foreign exchange laws, Rs 3.8 crores to Meezan Bank Ltd.
A fine of Rs 2.07 crore was imposed on Allied Bank Limited, Rs 1.22 crore on Punjab Provincial Cooperative Bank Limited.
Similarly, Bank Al Habib Ltd was fined Rs 1.04 crore by the central bank for violating rules related to asset quality and conduct of general banking affairs.
READ:Gold hits all-time high of Rs214,500 per tola in Pakistan
Apart from the punitive action, all the banks were directed to strengthen the monitoring process in their internal affairs.
![voiceuppakistan](https://voiceuppakistan.com.pk/wp-content/litespeed/avatar/bdbe598fcaa2e6ca46e4a8f6c0a90711.jpg?ver=1725488302)
VOICEUP PAKISTAN
Breaking News from Pakistan And Around The Globe!