SBP Slaps Rs. 109 Million Fine on 4 Major Banks

SBP Slaps Rs. 109 Million Fine on 4 Major Banks in 2022

Several banks have been fined by the State Bank of Pakistan (SBP) for breaking the rules and regulations of all kinds. These include a public-sector bank, a microfinance bank, and an Islamic bank.

Enforcement orders show that three commercial banks and one microfinance were each fined Rs. 108.9 million by the banking watchdog in the first three months of 2022.

Albaraka Bank has been hit with a penalty of Rs. 40.90 million for breaking the rules about AML/CFT, asset quality, foreign reserves, and other things. In addition to taking legal action, the bank has been told to look into breaches of regulatory rules and discipline the people who did not follow them.

Askari Bank Limited was fined Rs. 38.5 million for breaking the rules about CDD/KYC, asset quality, and general banking.

The National Bank of Pakistan also had to pay a fine of Rs. 19.28 million because it didn’t follow regulations about asset quality. In addition to taking action against the bank, the SBP told the bank to improve its controls and processes in the areas where it had problems.

U Microfinance Bank was hit with a fine of Rs. 10.2 million because it didn’t follow regulations about asset quality. In addition to taking legal action, the bank has been told to look into breaches of regulatory rules and discipline the people who did not follow them.

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