State Bank fines 6 banks Rs 35 crore for violation of rules

State Bank fines 6 banks Rs 35 crore for violation of rules
Source: File Photo

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.

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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.

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Apart from the punitive action, all the banks were directed to strengthen the monitoring process in their internal affairs.




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