SBP imposes Rs 133.3 mln monetary fines on three banks

[Shahzaz ud din]

SBP imposes Rs 133.3 mln monetary fines on three banks
By
News Desk
-
October 6, 2019

October 06, 2019 (MLN): The State Bank of Pakistan (SBP) has imposed monetary penalty worth Rs 133.312 million on three banks in September 2019 for flouting SBP’s rules, laws, regulations, guidelines or directives.

Among three Banks, Meezan Bank Limited faced the highest penalty of Rs 63.805 million for procedural violations in areas of Know Your Customer (KYC)/ Customer Due Diligence (CDD).

Another major bank Askari Bank Limited also elicited penalties for the same violations. The bank was fined Rs 56.61 million.

MCB Islamic Bank Limited was the third in terms of penalty with Rs 12.906 million for the same procedural violations in areas of KYC/CDD.

In addition to the penal action, the SBP advised the banks to strengthen its process related to KYC/CDD, in order to avoid occurrence of similar violations in future.

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[CHI RULES]

Being my self from banking sector another area in which banks should be penalized is the violation of HR related matters. Banks management is continuously implementing discriminatory policies against staff interests. i.e lesser provident fund rates, gratuity decrease, ending of EOBI facility for staff are some of them.

 

[S.Y.A]

Being my self from banking sector another area in which banks should be penalized is the violation of HR related matters. Banks management is continuously implementing discriminatory policies against staff interests. i.e lesser provident fund rates, gratuity decrease, ending of EOBI facility for staff are some of them.

is there any registered bank employees union?

ending of EOBI facility for staff are some of them.

50% of eobi contribution is already deducted from the salary, why have they ended it? they revise their targets yearly, and almost always achieve them, these practices dont make sense.