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SBP penalises four banks with Rs83 million fine for violating rules

07:16 PM | 25 Oct, 2023
SBP penalises four banks with Rs83 million fine for violating rules

KARACHI – The State Bank of Pakistan (SBP) has penalised four banks with massive fines for violating its policies.

The Banking Supervision Department of SBP released a document on Wednesday stating that the total amount of fines was Rs83.157 million.

Document revealed that criteria of Know Your Customer (KYC), foreign exchange, and general banking activities were broken by the banks.

The State Bank said that the fines did not accurately represent the financial stability of the firms and were based on failures to comply with regulatory directives.

A Rs26.5 million fine was imposed on United Bank Limited for breaking regulatory guidelines concerning foreign exchange and general banking operations. The SBP recommended the bank to tighten its controls and make sure that all legal requirements are strictly followed.

The regulatory guidelines governing general banking activities were broken by the Bank of Punjab, which resulted in a punishment of Rs21.569 million. The SBP suggested that the bank improve its procedures and controls to prevent repeat regulatory violations.

A Rs18.51 million fine was imposed on JS Bank Limited for breaking regulatory guidelines concerning FX, general banking operations, and CDD/KYC. The SBP recommended that JSBL fortify its protocols and oversight mechanisms in order to prevent future transgressions of regulations.

A Rs16.578 million fine was imposed on Allied Bank Limited for breaking the regulations governing general banking operations. 

The SBP guided the bank to strengthen internal controls to prevent violations in the future.

Additionally, the aforementioned institutions have received instructions from the State Bank to deal with these problems right now.

Daily Pakistan Global Web Desk

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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 25 Feb 2024 forex rates

Pakistani rupee remains stable against US dollar in the open market on February 25, 2024 (Sunday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.

Euro currently stands at 302 for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 25 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94

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