The State Bank of Pakistan (SBP) imposed fines totaling Rs. 747.57 million on eight banks during the quarter ended March 31, 2024, citing violations of its rules and regulations. These penalties were levied due to deficiencies in regulatory compliance, with the SBP clarifying that they do not ...

The government has reportedly reached an agreement with the International Monetary Fund (IMF) to implement a windfall tax, potentially reaching up to 40%, on profits generated by banks. This information surfaced on Wednesday following the conclusion of policy-level discussions between the ...

On Wednesday, the Pakistani rupee experienced a marginal increase of 27 paisas in relation to the United States Dollar. This resulted in a shift in the value of the US dollar from Rs287.87 to Rs287.60. In contrast, the preceding day saw the dollar strengthening by 32 paisas, causing it to rise ...

In Islamabad, there are murmurs that Bahria Town, a renowned housing society, may be contemplating a strategic move—declaring bankruptcy—to avoid a massive payment of Rs460 billion, according to certain journalists. The possibility of this strategic move has sent shockwaves across ...

Karachi: A significant financial milestone has been achieved, as bank deposits have soared to an unprecedented high of Rs26.398 trillion in October 2023. This remarkable growth of 17.8% is attributed to the prevailing high-interest rates, marking a substantial increase of Rs3.986 trillion compared ...

Bank Al Falah has addressed recent social media reports suggesting that it is not accepting donations for Palestine in its branches. The bank, responding to the hashtag #boycott Bank Alfalah on Twitter, clarified that the circulating internal memo on social media is misleading. In a statement ...

New Delhi: The Indian Rupee received another setback as the US Dollar strengthened, despite the efforts of the Reserve Bank of India. According to Reuters, analysts suggest that the Indian Rupee's value has decreased compared to the US Dollar, and on Monday, it was trading at 83.25 against the US ...

The Senate's standing committee has demanded an explanation regarding the withdrawal of billions of rupees from the accounts of the account holders of a private bank. According to the details, Senator Saleem Mandviwala chaired the Senate's standing committee meeting, during which a matter ...

In a meeting of the Senate Standing Committee on Finance, the revelation was made that a private bank manager had absconded with 5 billion rupees from bank accounts. However, the State Bank Governor Jamil Ahmed informed the committee that the total amount involved is around 350 million rupees. ...

State Bank has imposed penalties of 8 crores and 31 lakhs rupees on 4 commercial banks. According to a statement issued by the State Bank of Pakistan, these penalties were imposed on the banks during July to September. As per the State Bank, during the first three months of the ...