State Bank Slaps Rs224 million Fines on Major 5 Commercial Banks

Newstoday:(SBP) imposed heavy fines at a large scale on five commercial banks of Pakistan in the first quarter of 2023. The central bank fined these institutions for breaking multiple regulatory directives. The  first bank is Askari Bank Limited and other Sindh Bank Limited, Zarai Taraqiati Bank. On the other hand Soneri Bank Limited, and Mobilink Microfinance Bank are commercial banks got fined by SBP.

Askari Bank Ltd received the maximum penalty of Rs85.14 million for violating regulatory guidelines on CDD/ KYC, FX, and other general banking activities. Sindh Bank gets fined Rs 55.393 million by SBP for violating the rules of bank operations and instructions. The third bank that got a penalty was Zarai Taraqiati Bank which received Rs37.263 million also for violating the banking rules and operations. At the same time, Soneri Bank received fine of  Rs27.449 million. Mobile microfinance received a fine of Rs 20.467 million due to non-compliance with general banking operations.