State Bank slaps heavy fines on three commercial banks
Caption: File photo.
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The State Bank of Pakistan (SBP) has imposed penalties on three commercial banks for the quarter ended June 2022, reported 24NewsHD TV channel on Wednesday.
The penalties are for violations of the regulations set by the SBP.
The three banks are JS Bank, HBL, and Bank of Punjab.
JS Bank has been imposed a fine of Rs85.14 million on the violation of regulatory instructions regarding CDD/ KYC (Customer Due Diligence/ Know Your Customer), asset quality, FX (Foreign Exchange), and other general banking operations.
HBL and Bank of Punjab were fined Rs29 million and Rs17.24 million respectively for violating CDD/ KYC regulatory instructions.
Reporter Ashraf Khan