KARACHI: The State Bank of Pakistan (SBP) has Friday confirmed it has slapped an Rs465 million fine on at least four Pakistani banks over violation of regulatory protocols, without specifying them.
Among the four banks to have been penalized by fines is the National Bank of Pakistan, a public entity that is being charged Rs280 million for the violation of regulatory directives.
The SPB statement noted that the banks found liable of answerable to these violations face an internal inquiry and a possible trial as well to ascertain the magnitude of their punishment.
Those found guilty in the crimes committed will face trial and penalties as well, the SBP statement read.
Other banks to face the hefty fines are three private banks. Silk Bank to pay Rs280 million to the central finance regulator, followed by United Bank which is liable to pay Rs38.55 million.
Separately, the Industrial China Bank will also pay Rs13.542 million to the SBP.
On the other hand today from the financial crimes and accountability on them, a banking court in Lahore directed the authorities concerned to place the names of the cousins of former prime minister Nawaz Sharif on the Exit Control List (ECL).
The court gave this direction after Shahid Shafi, Tariq Shafi, Javed Shafi, Ali Pervaiz, and Ibrahim Tariq failed to appear in court. It further called for their passports and national identity cards to be blocked as well.
“The accused were served with subpoenas time and again but they didn’t appear and flew abroad instead,” the judge noted. TF Report