State Bank of Pakistan (SBP) has hammered three commercial banks with different penalties to the tune of Rs. 131.4 million in the quarter ended on June 2022 on account of enforcement action against the violations of its prescribed regulations.
According to the notification, the central bank has imposed JS Bank a heavy penalty of Rs. 85.14 million on the violation of regulatory instructions pertaining to CDD/KYC, asset quality, FX, and general banking operations.
Habib Bank Limited (HBL) has been imposed a penalty of Rs. 29 million for the violation of regulatory instructions pertaining to CDD/KYC.
Bank of Punjab (BOP) was hammered with a penalty of Rs. 17.24 million for violation of regulatory instructions pertaining to CDD/KYC.
The banking watchdog has advised these banks to strengthen their processes in the identified areas.
Although grammatically, use of word “slap“ in this article is correct as it also means apply something forcefully, however the common connotation that comes in mind with this word does not imply a decent impression about the relation of regulator SBP and the banks, especially when the readers are the employees of a bank.
Better to use the words impose, charge, penalize etc. in such contexts.
No, slap is good. It keeps people grounded.
JS bank deserves this.
SBP just too much bureaucracy and unnecessary paperwork.