Tag: National Bank of Pakistan

  • State Bank of Pakistan fines major banks for violating regulations

    State Bank of Pakistan fines major banks for violating regulations

    Banks operating in Pakistan have been slapped with hefty fines from the State Bank of Pakistan (SBP) totaling Rs131.4 million as a result of enforcement action against infractions of its established policies.

    According to the specifics, SBP fined JS Bank Limited Rs85.148 million, the highest sanction of the three banks, for breaking regulator guidelines regarding CDD/KYC, Asset Quality, FX, and General Banking Operations. Additionally, the central bank has recommended JS Bank Limited to improve its processes and controls in the areas that have been highlighted.

    In addition, Habib Bank Limited was fined Rs29.035 million for disobeying regulatory directives regarding CDD/KYC. The bank has been urged to tighten its controls and procedures in the highlighted areas in addition to the punitive action.

    Last but not least, the Bank of Punjab was additionally penalised Rs17.243 million for breaking regulatory guidelines relating to Asset Quality & CDD/KYC. Along with taking legal action, the bank has been urged to tighten its procedures and controls in the highlighted areas.

    The SBP has previously imposed fines totaling more than Rs100 million on four banks for regulatory violations.

    Read more: Rupee gains ground against dollar for second day, closes at Rs238

    Earlier, due to a breach of asset quality regulations, the National Bank of Pakistan (NBP) was fined Rs19.26 million. Additionally, U Microfinance Bank Limited which is owned by Ufone was fined Rs10.26 million and given the go-ahead to launch an internal investigation into any violations of regulatory directives as well as to discipline any indiscreet employees.

    According to SBP, these actions are based on shortcomings in the observance of regulatory directives and do not reflect poorly on the businesses’ financial soundness.

  • National Bank manager killed by guard ‘for blasphemy’

    National Bank manager killed by guard ‘for blasphemy’

    A National Bank of Pakistan (NBP) manager has been shot by a security guard in Punjab’s Khushab district over blasphemy allegations, police reported.

    According to reports, the incident took place in in Quaidabad. The victim, Malik Imran Hanif, was first taken to a local hospital, however, the nature of his gunshot wounds was so severe, he was shifted to Services Hospital in Lahore, where he succumbed to his injuries.

    The guard who killed Hanif claims to have done so over blasphemy, but Khushab District Police Officer (r) Capt Tariq Wilayat said that it was too early to confirm this.

    According to initial reports, the two had been arguing for some time before the firing took place. Reportedly, the guard had been fired a few months back but had recently been rehired.

    The DPO felt sceptical of the guard’s blasphemy claims and said that it was likely the incident was due to personal grievances. However, a video of the incident emerged on social media, where the guard could be heard saying that the deceased manager had “insulted Prophet Muhammad (PBUH)”.

    Multiple videos of the occurrence emerged, in which the guard was seen being met with by a group of supporters, shouting slogans as they walked on the street, and then meeting the leaders of a religious group, all of whom raised slogans and addressed supporters from the rooftop of the Quaidabad Police Station.

    Another video showed the uncle of the deceased denying the guard’s claims, saying that they were Muslims, and had not insulted the Prophet (PBUH). The uncle asserted the killing was due to personal reasons.

    Human rights groups say blasphemy laws are often misused to persecute minorities or even against Muslims to settle personal rivalries. Such accusations can end up in lynchings or street vigilantism.