The State Bank of Pakistan (SBP) has taken a stern stance against violations of banking regulations, imposing hefty fines totaling Rs 460 million on 10 banks operating across the country.
In a statement issued by the Central Bank, it was revealed that these fines were levied as a consequence of the banks' non-compliance with regulatory standards and guidelines. The penalties were imposed during the quarter spanning from October to December 2023.
Remarkably, two major commercial banks in Pakistan bore a significant portion of the fine, amounting to Rs 111.1 million. This underscores the SBP’s commitment to ensuring adherence to banking regulations and upholding the integrity of the financial sector.
