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SBP imposes Rs350.799 million fine on six banks over regulatory violations

06:25 PM | 28 Jul, 2023
SBP imposes Rs350.799 million fine on six banks over regulatory violations
Source: File photo

LAHORE – The State Bank of Pakistan (SBP) has imposed a Rs350.799 million fine on six banks over violations of regulatory instructions during the quarter ending on June 30, 2023.

According to the SBP, the National Bank of Pakistan (NBP) was found guilty of violation of regulatory instructions pertaining to Customer Due Diligence (CDD), Know Your Customer (KYC) and asset quality.

Imposing a Rs144.207 million fine, the SBP directed the NBP to improve its internal processes and controls.

Bank Alfalah Limited was found guilty of violation of instructions pertaining to Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT), CDD/KYC, foreign exchange (FX) and general banking operations.

The SBP imposed a Rs125.253 million fine on Bank Alfalah and directed it to ensure a meticulous compliance with the regulatory instructions.

The SBP imposed a Rs38.030 million fine on Meezan Bank Limited over violation of regulatory instructions pertaining to CDD/KYC, FX and general banking operations. The bank has been told to improve internal processes.

SBP has imposed a monetary penalty of Rs20.660 million on Allied Bank Limited for violation of regulatory instructions pertaining to CDD/KYC, FX and general banking operations. The bank has been advised to improve its internal processes.

The Punjab Provincial Cooperative Bank Limited was found guilty of violation of regulatory instructions pertaining to CDD/KYC, asset quality and general banking operations. A monetary penalty of Rs12.229 million has been imposed on the bank. The bank has been advised to improve its internal processes and controls.

A monetary penalty of Rs10.42 million has been imposed on Bank Al Habib Limited for violations of regulatory instructions pertaining to CDD/KYC, FX and general banking operations. In addition to penal action, the bank has been advised to monitor the usage of card-based transactions.

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Pakistani rupee exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 9 Dec 2023

Pakistani rupee remains largely stable against the US dollar, and other currencies in the open market on Saturday.

Dollar Rate in Pakistan Today

On Saturday, the US dollar was being quoted at 283.4 for buying and 285.95 for selling.

Euro comes down to 307 for buying and 310 for selling. British Pound rate remains unchanged at 358.5 for buying, and 362 for selling.

UAE Dirham AED witnessed slight drop and new rate stands at 77.2 whereas the Saudi Riyal remained stable at 76.

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar USD 283.4 285.95
Euro EUR 307 307
UK Pound Sterling GBP 358.5 362
U.A.E Dirham AED 77.2 78
Saudi Riyal SAR 76 76.8
Australian Dollar AUD 187.2 189
Bahrain Dinar BHD 755.82 763.82
Canadian Dollar CAD 209 211
China Yuan CNY 39.82 40.22
Danish Krone DKK 41.14 41.54
Hong Kong Dollar HKD 36.37 36.72
Japanese Yen JPY 3.41 3.52
Kuwaiti Dinar KWD 922.14 931.14
Malaysian Ringgit MYR 60.82 61.42
New Zealand Dollar NZD 175.33 177.33
Norwegians Krone NOK 26.12 26.42
Omani Riyal OMR 738.71 746.71
Qatari Riyal QAR 78.07 78.77
Singapore Dollar SGD 211 213
Swedish Korona SEK 27.32 27.62
Swiss Franc CHF 324.5 327
Thai Bhat THB 8.08 8.23

Gold remains under pressure in Pakistan; Check today gold rates here

Gold prices witnessed negative trend in local markets in line with the trend in the international market.

Gold Rates in Pakistan Today - 9 December 2023

On Saturday, the price of a single tola of 24-karat gold stands at Rs217,600, and 10 grams of 24k gold costs Rs186,560.

Single tola of 22 Karat Gold price costs Rs199,465, 21 karat rate per tola costs Rs190, 400 and 18k gold rate is Rs163,200.00 for each tola.

In the global market, gold prices hovers around $2,004 per ounce, after drop of $23.35 on Saturday.

Today Gold Rate in Pakistan

City Gold Silver
Lahore PKR 217,600 PKR 2,530
Karachi PKR 217,600 PKR 2,530
Islamabad PKR 217,600 PKR 2,530
Peshawar PKR 217,600 PKR 2,530
Quetta PKR 217,600 PKR 2,530
Sialkot PKR 217,600 PKR 2,530
Attock PKR 217,600 PKR 2,530
Gujranwala PKR 217,600 PKR 2,530
Jehlum PKR 217,600 PKR 2,530
Multan PKR 217,600 PKR 2,530
Bahawalpur PKR 217,600 PKR 2,530
Gujrat PKR 217,600 PKR 2,530
Nawabshah PKR 217,600 PKR 2,530
Chakwal PKR 217,600 PKR 2,530
Hyderabad PKR 217,600 PKR 2,530
Nowshehra PKR 217,600 PKR 2,530
Sargodha PKR 217,600 PKR 2,530
Faisalabad PKR 217,600 PKR 2,530
Mirpur PKR 217,600 PKR 2,530

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