The Presidents/Chief Executives,

All Banks/DFIs,

Dear Sirs/Madam,

Upward Revision in Penalties for Misreporting/ Late Submission of Returns

It is brought to the notice of banks/DFIs that the periodical returns/information submitted by them to the State Bank are used as key inputs in offsite reviews and the MIS meant for senior management and other stakeholders. Timely receipt of those returns/information and accuracy of data/facts therein are thus extremely critical.

It has, however, been observed that some banks/DFIs fail to adhere to the timeline or to ensure accuracy/consistency of data/facts therein thereby leading to unnecessary delays in the preparation of reviews/MIS. In order to encourage timely submission of returns and verification of data/facts therein, it has been decided to make some revision in the existing penalty scale for late submission/ misreporting of returns to SBP. The revised penalty schedule is given below:

It is important to clarify that the cycle will start each fiscal year afresh so as to keep the amount of penalties rationalized and encourage banks/DFIs to timely submit return or make revisions.

Please acknowledge receipt.