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State Bank fines four banks Rs188m for violating regulations

SAMAA | - Posted: Dec 11, 2019 | Last Updated: 1 month ago
SAMAA |
Posted: Dec 11, 2019 | Last Updated: 1 month ago
State Bank fines four banks Rs188m for violating regulations

Photo: AFP

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.

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One Comment

  1. Avatar
      khalid  December 11, 2019 6:55 pm/ Reply

    What about those banks involved in money laundering? Why those are not fined and officials involved jailed?

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