Six banks were each fined Rs 290.363 million by the State Bank of Pakistan (SBP) for breaking regulatory rules during the three months that ended in September 2022.
Two banks have received significant fines for breaking the rules governing forex transactions. The SBP was looking into claims that some commercial banks had manipulated the nation’s foreign exchange market. According to sources in the sector, this monetary fine against two banks may be connected to the ongoing SBP investigations.
Details of key enforcement actions by the SBP during the quarter that ended September 30, 2022, show that about 6 banks received penalties for disobeying orders.
Two private banks were hit with a fine of Rs. 221.75 million for breaking regulatory rules relating to asset quality, foreign exchange, customer due diligence, and general banking operations. The SBP has also given these banks advice on how to improve the procedures and controls in the areas that have been highlighted.
The four remaining banks have collectively been fined Rs. 68.613 million for breaking regulatory rules relating to asset quality and general banking operations.