Six banks are fined Rs290 million by SBP.
Six banks are fined Rs290 million by SBP
In Karachi. Six banks were hit with fines totaling more than Rs290 million by Pakistan’s central bank for breaking multiple regulatory norms.
The move comes as a result of multiple abnormalities discovered in significant institutions and an unheard-of rise in the value of the US currency.
Bank Al Habib received the maximum penalties of Rs140.03 million for disobeying regulatory directives relating. Over Rs 80 million in fines were imposed on Meezan Bank Limited.
Additionally, National Bank of Pakistan was assessed a punishment of approximately Rs25 million for breaking asset quality regulations.
JS Bank Limited and Faysal Bank Limited each received fines of Rs13.490 million and Rs10.025 million, while another private bank, MCB, was also hit with a punishment of Rs19.223 million.
Earlier this month, the State Bank of Pakistan discovered that eight Pakistani banks were responsible for an unheard-of rise in the exchange rate for the US dollar.
The names of these banks were also forwarded by the authorities to the National Assembly Standing Committee for further action.
According to reports, these banks and a few money exchanges reportedly added fuel to the fire when the US dollar began to leave Pakistan immediately after a successful regime change operation there.
According to a research, Allied Bank earned 79.55% more on foreign exchange than it did throughout the entire year of 2021. HBL earned 94.55% more from foreign exchange within the same three-month period than it did for the entire year of 2021.