The State Bank of Pakistan (SBP) has slapped penalties of Rs. 83.14 million on four commercial banks due to violation of various rules and regulations during the period of July to September 2022.

Among these banks, United Bank Limited faced the highest penalty of Rs. 26.5 billion over violation of Regulatory Instructions pertaining to FX and general banking operations.

Bank of Punjab and Allied Bank Limited were fined Rs. 21.5 billion and Rs. 16.5 billion separately under the same violation by the banking watchdog.

JS Bank was fined Rs. 18.5 billion for the violation of Regulatory instructions pertaining to CDD/KYC, FX, and general banking operations.

In addition to penal action, these banks have been advised to strengthen their controls and ensure meticulous compliance with the regulatory instructions to avoid the recurrence of regulatory violations.

According to the SBP, these actions are based on deficiencies in the compliance of regulatory instructions and do not constitute a comment on the financial soundness of these entities.