SBP seals leading public sector bank's branch over fake currency notes worth Rs. 2 Million
Bank faces Rs. 200 Million fine amid investigation into counterfeit currency incident
HAFIZABAD: The State Bank of Pakistan (SBP) has sealed the Hafizabad branch of a leading public sector bank after counterfeit currency notes totaling Rs. 2 million were found. The fake currency was deposited through a private bank, raising significant concerns about the oversight of banking procedures.
As a result of this serious lapse, the SBP has imposed a Rs. 200 million fine on the bank. A high-level investigation is currently underway to determine the origin of the fake currency. The involvement of multiple entities has added complexity to the case, making the investigation challenging.
This incident has highlighted potential weaknesses in the banking system, leading to calls for stronger measures to prevent such incidents in the future.
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