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.
Pakistani rupee remains largely stable against the US dollar, and other currencies in the open market on Saturday.
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)
|UK Pound Sterling||GBP||358.5||362|
|Hong Kong Dollar||HKD||36.37||36.72|
|New Zealand Dollar||NZD||175.33||177.33|
Gold prices witnessed negative trend in local markets in line with the trend in the international market.
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.
|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|