In the first half of fiscal year 22 (H1 FY22), the SBP levied a penalty of Rs 523 million on banks.
KARACHI: According to a release, the State Bank of Pakistan (SBP) levied a monetary penalty of Rs523 million on commercial banks for breaching regulatory regulations during the first half of fiscal year 2022–12.
The Central Bank announced a Rs 58 million penalty levied on five banks for the quarter ending December 31, 2021.
The SBP fined Bank Al Habib Limited Rs 13.684 million, the Bank of Punjab Rs 12.545, the Askari Bank Limited Rs 10.300 million, and the National Bank of Pakistan Rs 10.26 million.
The Central Bank imposed monetary penalties on banks for failing to follow regulatory requirements related to general banking operations. In addition to the monetary sanctions, the central bank instructed banks to tighten their processes in the listed areas.
The SBP levied a Rs465 million monetary penalty on four banks for the quarter ending September 30, 2021.
The SBP fined National Bank of Pakistan (NBP) Rs280.51 million for breaching AML/CFT regulatory guidelines for the quarter ended September 30, 2021.
