SBP Imposes Penalties On Commercial Banks

The State Bank of Pakistan (SBP) has imposed penalties amounting to Rs 20.2 million on 296 branches of 33 commercial banks for violating its instructions with regard to distribution of fresh currency notes to the general public and functioning of Automated Teller Machines (ATMs). The range of fines varied from Rs 25,000/- to Rs 500,000/- depending on the nature of the irregularities committed by the commercial banks.