SBP imposes penalty of Rs58 million on five banks State Bank of Pakistan

SBP imposes penalty of Rs58 million on five banks

KARACHI: The State Bank of Pakistan (SBP) has imposed penalty of Rs58 million on five commercial banks for violating regulatory provisions during quarter ended December 31, 2021.

According to an official note released on Tuesday, the SBP said it had imposed penalty on five commercial banks, included: Bank Alhabib Limited, The Bank of Punjab, Standard Chartered Bank (Pakistan) Limited), Askar Bank Limited and National Bank of Pakistan.

READ MORE: SBP slaps Rs280 million penalty on National Bank

The central bank said that the penalty was imposed on the banks for violating regulatory instructions pertaining to general banking operations.

The details of monetary penalties on the banks are: Bank Alhabib Limited, Rs13.684 million; The Bank of Punjab, Rs12.545 million; Askari Bank Limited, Rs10.300 million, National Bank of Pakistan, Rs10.26 million.

The SBP said that in addition to penal action, the bank has been advised to strengthen processes with respect to identified areas.

READ MORE: SBP imposes monetary penalty on eight banks

The total monetary penalty on banks during past six months (July – December) 2021 has increased to Rs523 million.

Previously, the SBP imposed monetary penalty of Rs455 million on four banks for the quarter ended September 30, 2021. During this quarter the SBP imposed heavy penalty of Rs280.51 million on National Bank of Pakistan (NBP) for violating regulator instructions pertaining to AML/CFT. Similarly, an amount of Rs132.437 has been imposed on Silk Bank Limited for violating provisions of anti-money laundering and counter financing of terrorism.

READ MORE: Habib Bank pays penalty of Rs42.2 million to SBP

Furthermore, the central bank imposed penalties of Rs38.55 million and Rs13.54 million on United Bank Limited and Industrial and Commercial Bank of China-Pakistan Branches.

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