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SBP imposes Rs1.68 billion heavy fines on 15 commercial banks


Arhama AltafWeb Editor

12th Jul, 2020. 01:01 pm
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SBP

The State Bank of Pakistan (SBP) has imposed heavy fines on 15 commercial banks.

Their offences include not recording customers’ data and violating foreign exchange laws as well as violating anti-money laundering and terror financing laws.

A collective fine of Rs1.68 billion was imposed from March to June.

The State Bank has also issued a list of the banks. They are UBL, JS Bank, Meezan Bank, Faysal Bank, The Bank of Punjab, HBL, MCB, National Bank of Pakistan, Bank AlHabib, Habib Metropolitan Bank, Bank Alfalah, Askari Bank, Bank Islami, Punjab Provincial Cooperative Bank and the Zarai Taraqiati Bank.

Most of the banks violated customer due diligence rules while the Punjab Provincial Cooperative Bank and the Zarai Taraqiati Bank had violations under the anti-money laundering and terror financing rules.

Earlier, The State Bank of Pakistan had announced that all banks in the country will be observing 9 am to 5:30 pm office hours Monday to Friday.

According to the circular issued by the SBP, these timings will be effective from July 13 (Monday) till further orders.

It will also include prayer and lunch breaks from 1:30 pm to 2 pm from Monday to Thursday and 1pm to 2:30pm on Fridays.

Despite the lockdown, banks across Pakistan continued banking services.

Therefore, the SBP reduced banking hours to limit physical contact and control the spread of the deadly coronavirus.

Accordingly, the public can visit banks from 10 am to 1:30 pm from Monday to Thursday and 10 am to 1 pm on Fridays.

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