The State Bank of Pakistan (SBP) has imposed penalties on four banks for violating regulatory instructions related to foreign exchange and general banking. United Bank Ltd (UBL) was slapped with the most significant penalty, amounting to Rs26.5 million.
Aside from the penalties, SBP has called on UBL to enhance its controls and ensure meticulous compliance. The Bank of Punjab received a penalty of Rs21.5 million, JS Bank Ltd with Rs18.5 million and Allied Bank Ltd with Rs15.6 million were the other two banks penalized during the quarter for violating regulatory instructions.
SBP’s enforcement actions were carried out for the July-September quarter and resulted in penalties totaling Rs83 million, representing a substantial 76.3 percent decrease from the previous quarter’s fines, which amounted to Rs350.8 million.
The central bank initiates ‘supervisory enforcement actions’ when banking entities fail to comply with regulations. In addition to imposing penalties, it may resort to ‘administrative and financial sanctions’ and seek assistance from law enforcement and prosecution bodies.
Data released by the SBP showed a decrease in the number of erring banks, reducing from six in the April-June quarter to four in the latest three-month period.
While SBP imposes monetary penalties on banks for regulatory violations, the Banking Mohtasib Pakistan (BMP) provides relief to banking customers, primarily for the wrongs they suffer from fraudsters. BMP is an independent statutory body established to resolve disputes between banks and their customers.
During July-September, the BMP provided relief amounting to Rs432.6 million to banking customers by addressing 6,421 complaints against commercial banks. The BMP received 6,994 new complaints, including 1,753 from the Prime Minister’s Portal, from July 1 to September 30.
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