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The State Bank of Pakistan (SBP) has Friday confirmed it has slapped an Rs465 million fine on at least four Pakistani banks over violation of regulatory protocols, without specifying them.
Among the four banks to have been penalized by fines is the National Bank of Pakistan, a public entity which is being charged Rs280 million for the violation of regulatory directives.
The SPB statement noted that the banks found liable of answerable to these violations face an internal inquiry and a possible trial as well to ascertain the magnitude of their punishment.
Those found guilty in the crimes committed will face trial and penalties as well, the SBP statement read.
Other banks to face the hefty fines are three private banks. Silk Bank to pay Rs280 million to the central finance regulator, followed with United Bank which is liable to pay Rs38.55 million.
Separately, the Industrial China Bank will also pay Rs13.542 million to the SBP.