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 ...

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 ...

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 ...

The ongoing crackdown against illegal forex trading and smuggling has had a significant impact on the open market, resulting in a surplus of up to $900 million, which has been deposited in banks, according to currency dealers. These currency dealers have emphasized the importance of ...

State Bank of Pakistan, while providing clarification, stated that Pakistan's banking system is stable and the deposit system is secure. There is sufficient capital in Pakistan's banking system, and the capability to withstand severe challenges in the banking sector has further improved. In their ...

The State Bank of Pakistan (SBP) has recently unveiled the extent of legal protection afforded to deposits held in commercial banks, as reported by ARY News. During a briefing before the Senate Standing Committee on Finance and Revenue regarding the Deposits Protection Corporation (DPC), SBP ...

On Wednesday, the State Bank of Pakistan (SBP) granted 'in-principle approvals' (IPA) to five digital retail banks in a move aimed at promoting innovation, financial inclusion, and the availability of affordable digital financial services, as reported by ARY News. SBP Governor Jammel Ahmed ...

By the conclusion of August 2023, commercial banks have witnessed an unprecedented surge in deposits, reaching an astounding Rs26.1 trillion. This remarkable uptick is primarily attributed to the prevailing high interest rates within the country. According to recently updated data from the State ...

The Pakistan Business Council has claimed that around 900 billion rupees ($5.3 billion) are stashed outside banks by people in the country, leading to speculation in the dollar and gold markets. In a statement, the Pakistan Business Council stated that there is an increasing trend among overseas ...