The State Bank of Pakistan fined four commercial banks for violating its regulations in November.
These banks are Allied Bank, MCB, Bank of Punjab and Habib Bank Limited (HBL). Allied Bank was fined Rs60 million, MCB Rs91.8 million, Bank of Punjab Rs14 million and HBL Rs22.6 million.
The State Bank recently started making public the fines it imposes on commercial banks. From July, when it started making the fines public, till November, the SBP fined commercial banks a collective Rs1.3 billion.
The violations include failing to adhere to bank customs, due diligence and know your customer regulations.