The President/ Chief Executive,
Sirs / Madam,
Penalty Amount Imposed By State Bank of Pakistan from Customers
has been observed that some banks/DFIs are engaged in the
practice of recovering the amount of penalty imposed by
State Bank of Pakistan for violating SBP regulations/guidelines/directives
etc. from their customers by including a standard clause
to this effect in their agreements/documents. The penalty
imposed by State Bank of Pakistan on banks/DFIs because
of their negligence/oversight should not be passed on to
their customers who do not have any responsibility in this
respect. It is the duty of the banks/DFIs to make sure that
all SBP regulations/guidelines/directives are meticulously
complied with at all times. Accordingly, banks/DFIs are
advised to immediately stop the practice of recovering the
amount of penalty imposed for violating SBP regulations/guidelines/directives
etc. from their customers.
In exceptional cases where a specific requirement is not
being complied with, banks/DFIs should approach SBP for
exemption/relaxation which will be considered on the merit
of the case.
Please acknowledge receipt.